Free Debt Advice, avoiding Insolvency, Bankruptsy, Individual Voluntary Arrangement, Yorkshire, Leeds, Bradford, Batley, IVA, unsecured loans, remorgage, Credit Card Debt

Unlike many of the Debt Management Companies, we will initially give free advice but would advise that there will be a cost of £500 for each proposal ie Arrangement. This compares favourably with the amount that has to be deposited with the local Court if you declare yourself Bankrupt. It is also considerably cheaper than many of the proposals offered by Debt Counselling Companies, who often demand three months contributions in advance before they write to creditors to secure their fees, which delays matters often causing additional problems from irate creditors. In other instances, if it is appropriate to propose an Individual Voluntary Arrangement, these Debt Management Companies may receive a fee of between £500 and £1,500 by way of introductory commission, all adding to the costs.

These payments will either have to be paid by yourself prior to the scheme commencing, again causing a delay or, alternatively, reflect in higher contributions which you would have to pay over the entire period of the scheme, normally five years. By choosing Blue Debt Solutions, there are no hidden fees and the costs of implementing the Arrangement are included within the proposals sent to and agreed by creditors prior to the scheme being approved.

If an IVA appears to be appropriate we will prepare a proposal and write to your creditors. This will include details of all your assets and liabilities, details of your income and expenditure etc. If an IVA is not appropriate we will recommend the best course of action.

If creditor pressure is particularly intense and any form of court proceedings have commenced against you we can obtain an Interim Order, in your local County Court, which prevents any legal actions from continuing until your creditors have voted on whether or not to accept your proposals.

In order for the IVA to be approved you need 75% of your creditors (in value) who vote, to be in favour of your scheme.

Your creditors may seek to modify your proposal and we will explain to you how this works.

Once the IVA is approved you should not hear from your unsecured creditors. We supervise your arrangement and liaise with your creditors on your behalf.

At the end of the arrangement as long as you have paid the agreed repayments, a final report is sent to your creditors after which they have no comeback to you whatsoever.

If, for example, the agreed repayment of their debt is 25% they then write off the remaining 75%.