At The Financial Guidance Group we’re here to help you write off your debts and look forward to a brighter future. We understand that debt is both a very personal and stressful issue and will work with you to find the best solution based on your individual circumstances.
We are a debt and insolvency company here to help by providing you with a private and understanding service to solve your financial problems. We offer our clients financial clarification and solutions to their money worries, so you can see a debt free future.
The truth is that anyone from any walk of life or circumstances can end up in debt at any point in their life. That’s why we are here to listen, understand and offer guidance and support tailored to your personal situation.
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In order for us to help you find the the best solution to your debt problems we will arrange a consultation to run through vital information such as:
Your income | Your monthly expenses | Who you owe money to
Having the outstanding balances you owe and reference numbers for your creditors to hand is ideal, however if you don’t have these then you can just contact your creditors directly to ask the outstanding balance you owe.
It’s a good idea to get a copy of your credit report if you are unsure of who your creditors are. A credit report is available for a small charge of a couple of pounds through private companies such as Experian and Equifax, but can sometimes be free as part of a free trial. It is highly recommended that this is done before your consultation to allow us to progress quickly with a debt solution that suits you.
We’re here to support you through this challenging time and know that anyone can get themselves into financial difficulty. So we offer a range of options to help you see the light at the end of the tunnel.
An Individual Voluntary Agreement (IVA) is a legally-binding, formal debt arrangement available to people living in England, Wales and Northern Ireland. If you are eligible to enter into an IVA one of our advisors will work with you and the companies you owe money to, to come up with a single, affordable monthly payment solution. Our advisors will analyse your individual situation and work with you to find out what you can comfortably afford to repay. An IVA typically has a duration of 5 years, providing you with legal protection from your creditors with all interest and charges on included debts frozen. Then after this time, once all 60 repayments have been made, any outstanding balances on debts included in your IVA will be written off.
– Creditor hassle will stop; the Insolvency Practitioner will correspond with your creditors on your behalf.
– The payments you make into your IVA are based on your income and expenditure so will always be affordable for you.
– There are no upfront fees; fees are incorporated into your monthly IVA payments and vary between IVA companies.
– Any debts not bound by your IVA will remain outstanding and you are responsible for keeping up with their repayments.
– If you are a home-owner you may be asked to attempt to re-mortgage 54 months into your IVA, which may incur higher interest rates and could require you to extend your IVA by a further 12 months.
– Your creditors may not agree to your IVA which may stop the agreement from going ahead.
Similarly to an IVA, a Trust Deed allows people living in Scotland who owe unsecured debts with a sum of over £5,000 to enter into this agreement lasting a duration of 4 years. During this time you will repay the debts through an affordable monthly repayment and after the 4 years any outstanding debts will be cleared. A protected Trust Deed is a legally-binding debt relief agreement which is only available to people living in Scotland. All interest relating to your debt is cancelled for the duration of your agreement.
Yes – Using a debt solution such as an IVA or Trust deed will likely impact your credit rating. However the damage done to your credit rating is dependant on what kind of debt solution you take out and whether it is successfully completed.
The good news is that no damage to your credit rating is permanent. Within the first 6 years of taking out a debt repayment plan this information will be visible on your credit history, potentially making it difficult to access credit or open bank accounts during this time. However, after 6 years you’ll be glad to know that your credit history is wiped clean and this will no longer be visible on your credit file. As long as you stick to your monthly repayments and see the agreement through you will be free from your debts owed which will allow you to start rebuilding your credit rating.