Financial Adviser in BLACKBURN (UK)

Money Solutions

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PO Box 501,
BLACKBURN,
BB2 9DU

T : 0845 634 3480

Money Solutions - Financial Adviser

Debt can be overwhelming and Money Solutions understand that a change in circumstances, reduction in income, or the break-up of a relationship could land consumers in serious financial trouble. Whatever your situation and however bad things seem to be, Money Solutions can design a solution tailor-made to customer needs.

An IVA (Individual Voluntary Arrangement) is a process set up by the government within the 1986 insolvency act that allows for a person in debt to make a formal arrangement with their creditors without the need to file for bankruptcy.

The IVA usually lasts for five years and any outstanding amounts left at the end of the term will usually be written off.
An IVA will enable consumers to make reduced, affordable monthly payments over a fixed term.
Once a client enters into an IVA and adheres to the agreed monthly payments, creditors will be restricted by law from contacting the individual.

Debt Management involves informal talks with creditors to reduce debt repayments to a level that is affordable.

The idea is to try and persuade creditors to lower monthly repayments which provides clients the advantage of making smaller payments over a longer period of time.

One monthly sum is paid to the debt management company, an amount that is affordable, based on income and outgoings. From this payment the debt management company pays percentages to creditors included in the program.