 Debt Advice and Litigation
Do you have problems with arrears, commercial debt, county court judgements, credit card debts, mortgage arrears, overdrafts, overdue accounts and store card debts? At Selwyns Law our experts can negotiate with your creditors to reduce the amount you pay back. This could in certain circumstances be paid through one affordable monthly payment. Debt problems can usually be solved without the need for further loans and we aim to help you manage your debt effectively. We can represent you in certain circumstances if your creditors are taking you to Court. It may even be possible for us to stay proceedings by negotiating with your creditors.
There are various ways to deal with debt as follows:
- Bankruptcy - This will be a last resort because it is often not a viable solution to serious debt problems. We will first consider whether there is an alternative solution for you. Bankruptcy is a public affair and it can be a humiliating experience for the recipient. Notification is given to everyone concerned such as banks, creditors, building societies, your landlord etc. Further, the bankruptcy application will be advertised in the London Gazette and the local press where you live. The result can lead to unfairness when dealing with a debt situation. The participants may end up in a no win situation. It would be better to use the assets you have, such as a house or a car because bankruptcy may make it difficult for you to obtain a mortgage in the future. You may find it difficult to obtain credit for many years to come. Even after the bankruptcy has been discharged, the stigma it carries with it may never go away. The new Enterprise Act states that certain classifications of bankrupts could be discharged after twelve months. However, this will happen only in a few cases and you might not benefit under the Act.
- Consolidation loans – your home equity could reduce your monthly payments. Consolidation loans are used to merge your existing debts into one loan with lower monthly payments, even with mortgage arrears, CCJ's or other credit problems.
- Debt management – informal arrangements with your creditors. We negotiate with your creditors for the freezing or reduction of interest, extension of repayment terms or the writing off of part of your debt.
- Individual Voluntary Arrangements – IVA. These are formal agreements which could see your debts written off by up to 95%. These are official arrangements and often include the freezing of interest, reduction in the total amount of debt owing, and legal protection from creditors.
Perhaps you dispute the amount owing or believe that you are not at all liable for the debt. We can represent you in negotiations with your creditors to get the debt account adjusted accordingly or even cancelled altogether.
Some debtors may require advice on budgeting. There are times when we suggest a consolidation loan to our clients but only in the right circumstances. We prefer to use other options and a consolidation loan would only be suggested in exceptional circumstances. Securing other debts against your home could lead to repossession if you should default on your payments or mortgage. Where loans are secured on your home you must think carefully before taking out a consolidation loan.
Sometimes Debt Management might be the best option. However, if we do suggest this route then we will only recommend you to a company that we have vetted and that we are happy to call a Preferred Supplier. For greater debt problems we can advise on an IVA – an Individual Voluntary Arrangement. In cases where an IVA is the appropriate way forward your creditors can agree to write off as much as 95% of your debt.
Are your creditors threatening to take you to Court? Please get in touch with us before its too late. Have they already started legal proceedings against you? It may be possible for us to negotiate with your creditors and have the proceedings against you stayed.
Before advising you on which route to take, we will look at your circumstances and make sure we choose the right plan for you.
If you require further information or wish to discuss your situation in the strictest of confidence then please complete the enquiry form Click Here or simply call us on 0871 750 2130 / 0871 5080 924 or send us an e-mail at
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