Debt Consolidation
Debt Consolidation usually means taking out a new loan or re-mortgage to clear all your other debts. Self-Employed people with debts can sometimes reduce their monthly outgoings by consolidating business debts, expensive credit cards, store cards and personal loans into one new deal. Consolidating debts into one new loan could help reduce your monthly outgoings to a level you can afford.
For more information about our Business Finance solutions contact us today.
Problems with Debt Consolidation
If you are self-employed, it has become increasingly difficult to obtain Consolidation loans. Lenders are likely to have very strict lending criteria. You may have problems getting a consolidation loan if you have missed payments on your existing credit cards, store cards or loans. Certainly, if you have had any County Court Judgments (CCJ’s), Defaults or Mortgage Arrears it is highly unlikely you will be able to consolidate debts into a new loan.
The lenders that may still consider your application despite the potentially adverse information on your credit file, are likely to charge very high interest rates. Before proceeding with a debt consolidation loan, you must make sure you are not ‘jumping out of the frying pan, into the fire’. If you are struggling with debt, borrowing more money is not always a great idea. One of the most popular alternatives to debt consolidation, is a Self-Employed IVA
Questions about Debt Consolidation
Unfortunately not; we do not lend money. If you are struggling making payments on your existing debts, borrowing further money (no matter how tempting), may not be the best way of dealing with the problems.
One of the options we discuss with you will be Debt Consolidation i.e. taking out one new loan to clear the existing credit you have. In rare circumstances, this may be the best option available to you.
Yes. We offer a Free Consultation in all cases. We will ask questions to help us understand your circumstances and provide you with a specific recommendation. Should you decide to move forward with any recommendation we have made, we will confirm any costs involved in writing, before accepting your instructions. In some cases, there will be no charge made by Anderson Brookes for the services we provide.
No. In fact, most of the people that call us for advice do not need a formal insolvency procedure. Before recommending any specific debt solution, we will help you consider all the options available to you. This will include providing you with self-help guidance and advice on informal debt solutions.
As you would expect, in the event that you do need insolvency advice our Licensed Insolvency Practitioner will be able to act on your behalf. Unlike some of our competitors, we would not need to refer you to an external company having recommended an insolvency process.
An unsecured debt is a term used to describe any debt that is not ‘secured’ against an asset. The asset can be a property, car, furniture or any other physical item that the lender could repossess if you don’t keep up payments on the agreement. A credit card is an example of an unsecured debt; if you don’t repay the credit card company, there is nothing they can repossess.
Unsecured debts can normally go into an IVA.
A secured debt is a term used to describe any debt that is ‘secured’ against an asset. The asset can be a property, car, furniture or any other physical item that the lender could repossess if you don’t keep up payments on the agreement. A mortgage is a good example of a secured debt; if you don’t keep up payments on your mortgage, your home could be repossessed.
Secured debts cannot go into an IVA.
No. Call us straight away on 0800 1804 933, in most cases we can prevent CCJ’s from being enforced by bailiffs if we are instructed early enough.
Contact Neil for immediate help on 01204 255 051 or, email at the above address
Think Carefully
Think very carefully before securing debts against your home. In order to qualify for a debt consolidation loan, the lender may require that you use your home as security; effectively swapping unsecured debt for secured debt. In the event you are unable to keep up payments on a loan or mortgage secured on your home, the lender could repossess it from you.
For more information about our debt solutions contact us today.
WHAT OUR CLIENTS SAY
“The service I received from Anderson Brookes was excellent. I’d already made the decision to cease trading but I didn’t know how to deal with my legal responsibilities as a Director. I went through the process of Creditors Voluntary Liquidation (CVL). Anderson Brookes helped me through every stage”.
“I write to you having recently used your company to arrange an IVA. Throughout this process I was stressed to the point of being unwell and encountered many obstacles, all of which Khalid walked me through. I am now beginning to start the process of getting myself on the right track, and this is largely thanks to Khalid’s pragmatism.”.
“Neil helped me through the process of Liquidating my company. Although closing-down the company was quite stressful, it was surprisingly quick and Neil made sure I knew what to expect at each stage. I have recommended other business owners to Anderson Brookes and always received great feedback”.
“Why my company ran into cash-flow difficulties, I was introduced to Neil at Anderson Brookes. We discussed lots of different options but I decided to place the company into Liquidation. The problems are now behind me and I’ve been able to set up a brand new, debt-free company”.
“Anderson Brookes helped me arrange a Business IVA. I was a sole trader and my plumbing business had run into financial problems. I was able to repay my debts through a voluntary arrangement over 5-years. I’m pleased to say; the business has been trading very successfully now for the last few years”.
“Just thought I would let you know that business is going extremely well I have no credit commitments, new car, new van and 2 good holidays a year and I really do owe all of that to you. I really appreciate your help in turning my life around. I would hate to think about where I would be if I hadn’t met you”.
“I was introduced to Neil at Anderson Brookes as I needed help with a financial problem. It turned out that I just needed to have all the options explained. Within a month of taking advice, the problem was behind me. I’m happy to recommend Neil and Anderson Brookes to anyone that needs advice on debt”.
“You were very helpful and professional. It was a very stressful time, thanks to your work and management, I was able to relax again.”
ADVICE YOU CAN TRUST
The Financial Conduct Authority (FCA). Anderson Brookes Ltd is Authorised and Regulated by the Financial Conduct Authority; our registration number is 669796. You can confirm our details at www.fca.org.uk
Rikki Burton ACA is licensed and regulated to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England & Wales.
The Association of Business Recovery Professionals. R3 promotes best practice for professionals working with financially troubled individuals and businesses in the UK
The Information Commissioners Office (ICO), promotes data privacy for individuals. Our ICO registration reference numbers are Z5595675 and ZA201949
ANDERSON BROOKES GROUP
Anderson Brookes Ltd is a limited company registered in England and Wales; the company registration number is 4213701. Anderson Brookes Ltd is Authorised and Regulated by the Financial Conduct Authority (FCA); our FCA registration number is 669796. You can confirm our details on the FCA website www.fca.org.uk. Data Protection: our ICO registration reference number is Z5595675. Anderson Brookes Ltd does not administer ‘debt relief orders’, ‘debt management plans’ or handle ‘client money’. In the event we believe a debt management plan or debt relief order may be the most suitable debt solution we will provide you with the contact details of a reputable, non-fee charging organisation. The Money Advice Service are an independent service, set up by government to help people make the most of their money, they give free, unbiased money advice to everyone across the UK – online, over the phone and face to face. You can visit Money Advice Service at www.moneyadviceservice.org.uk
Anderson Brookes Insolvency Practitioners Ltd is a limited company registered in England and Wales; the company registration number is 10324159. Rikki Burton ACA is licensed and regulated to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England & Wales. Our VAT Registration Number is 249 5912 70. Data Protection: our ICO registration reference number is ZA201949. Anderson Brookes Financial Services Ltd is a limited company registered in England and Wales; the company registration number is 08660228. Data Protection: our ICO registration reference number is ZA123471. All group companies are registered at First Floor, Fairclough House, Church Street, Adlington, Chorley PR7 4EX.
Anderson Brookes Insolvency Practitioners Ltd – Privacy Policy
Anderson Brookes Insolvency Practitioners Ltd operate a complaints procedure. In the first instance, please call 01204 255 051 or email info@andersonbrookes.co.uk to request a copy of the complaints process. If we are unable to deal with your complaint to your satisfaction, your complaint should be made to the Insolvency Complaints Gateway by visiting their website https://www.gov.uk/complain-about-insolvency-practitioner and completing and submitting their online form. Alternatively, you can print the form from their website and send it by post to The Insolvency Service, IP Complaints, 3rd Floor, 1 City Walk, Leeds, LS11 9DA or contact them by telephone on 0300 678 0015 (Monday to Friday 9am – 5pm).
Some of the services provided by Anderson Brookes are not regulated by the Financial Conduct Authority. Some of the debt solutions we provide advice on are only available in England and Wales; Anderson Brookes does not provide services outside England and Wales. Anderson Brookes is a commercial, profit seeking organisation; depending on the services provided, fees may be payable. Any fees applicable will be confirmed to you in writing before any chargeable work is completed. Anderson Brookes operates a complaints policy; if you are not happy with the way we have dealt with you or your case, please ask us for a copy of the policy.