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 We have a complete range of debt solutions that are individual to your requirements. We understand that no circumstances are ever the same and we make our recommendations based on the information you provide and then offer to you the most beneficial solution to help you to regain the financial stability that you deserve.
We can help you with any type of unsecured debts, be it credit cards, store cards, mail order catalogues, unsecured loans or car loans. We can also offer free advice on other forms of unsecured and secured debt.
DEBT MANAGEMENT
Manage your debts with our Debt Management Payment Plan
With our Debt Management Payment Plan(DMP) you can:
- Make one single affordable monthly payment every month.
- Freeze or considerbly reduce interest charges on your accounts.
- Stop demands and threats from your creditors.
- Have your own designated Account Manager who will guide you through the debt management programme from start to completion.
- Steadily regain control of your finances to become debt free.
Our DMP process is simple:
- Stage 1: Sign up onto our DMP
- Stage 2: Within a 2-5 week period we will have fully set up arrangements with your creditors for lower monthly payments based around what you can afford.
- Stage 3: As well as lower monthly payments, we will try to freeze or considerbly lower all interest and stop creditors from contacting you. Avoid hefty paperwork, we try to make signup pain fee and simple. Give us a call on 0800 567 7479 for for an initial free phone based consultation.
Below are two examples of what we can do for clients on a debt management plan:
Example 1
| Total unsecured debt: |
£35,000 |
| Number of Creditors: |
4 |
| Normal monthly payment (without DMP in place) |
£1050 per month |
| Monthly Disposable Income (after expenditure) |
£400 per month |
| Monthly payment (on a Money Smart Solutions DMP) |
£400 per month |
Example 2
| Total unsecured debt: |
£12,000 |
| Number of Creditors: |
3 |
| Normal monthly payment (without DMP in place) |
£370 per month |
| Monthly Disposable Income (after expenditure) |
£150 per month |
| Monthly payment (on a Money Smart Solutions DMP) |
£150 per month |
Please note each circumstance is different and the above are examples of how we have helped previous clients with reducing their monthly payments to creditors. The above figures are also based on what a client can afford to pay each month.
FULL & FINAL DEBT SETTLEMENT
- Money Smart Solutions are industry specialists in full and final debt settlement. The process is simple yet may save you high percentages on your debts outstanding. Debt settlement allows you to settle your debts at a fraction of your balance in one lump sum payment.
- Our debt advisors will be able to negotiate lower full and final settlement on your debts for as low as 25% of the original balance. We do not settle any accounts for less than 50% of your outstanding balance.
- For more information on this service please speak to one of our debt advisors on 0800 567 7479 and find out how you can benefit from our full and final debt settlement plan.
Below is an example of what we can do for a clients who use our full and final debt settlement plan.
| Total unsecured debt: |
£37,800 |
| Normal monthly payment |
£1134.00 per month |
| Total debt settled for: |
£14,220 (FULL AND FINAL SETTLEMENT) |
IVA
An IVA is a formal arrangement between you and you creditors, where an agreement is reached for you to pay back your debt over a period of time.
Once agreed, an IVA stops your creditors from contacting you, until your debts are paid off in full. Your monthly payments are based on your Disposable Income, and generally are repaid over a period of 60 months.
Once the term is fulfilled, you will no longer need to make any more payments, and the remainder of your debt will be written off, sometimes by up to 75%.
BANKRUPTCY
Bankruptcy is the last resort of dealing with your debts, and is the last resolution if there are no other suitable solutions available.
This option should only be considered if there is seemingly no way in which you can affordably maintain payments to your creditors, and you are struggling to afford your basic essential outgoings.
When considering bankruptcy, you should also take into account that if you own any valuable assets, these will be almost certainly be used as a contribution towards repaying your debts.
Bankruptcy, however, does ensure that you will be debt-free within a set time frame (usually within 12 months), and you will be able to make a fresh start. You will also be protected from any legal action creditors are looking to take.
Bankruptcy does affect your credit for 6 years, and can also affect you working in certain areas, as your employers, and potential employers, legally have a right to know.
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