Debt

If you're in debt and you are finding it hard to cope, it's important to deal with the problem straight away - the longer you ignore your debts, the worse the situation becomes.

The first job is to sort out exactly what you owe, and to whom you owe it (your creditors). You then need to put these debts in order of importance. The most important ('priority') debts aren't necessarily the biggest ones. Priority debts are ones where serious action can be taken against you if you don't pay what you owe.

Once you have done this we are ready to help.

Advising on debt requires as much skill as advising on wealth. We can look at your entire financial circumstances to find the right solution for you. Options which will consider are as follows:

Debt Management - Debt Management is ideal for those who do not have large enough debts to consider an IVA. We can help you manage debt and agree a repayment plan which fits within your budget

IVA - To qualify for an IVA you must have unsecured debts of £15,000 or more. It is a viable alternative to bankruptcy without the stigma and legal restrictions that are associated with going bankrupt.. IVAs are arranged by insolvency practitioners who negotiate the terms of the agreement with creditors. A large proportion of the debt can be written off under the terms of the IVA and the rest paid off over five years.

Sales and Rent Back - Selling your home for tens of thousands of pounds less than it is worth is not an attractive prospect. But those fearing repossession due to mortgage arrears and facing large personal debts may see it as a simple way out of trouble.

Full and Final – We help you to make offers in 'full and final settlement' to your creditors. This means that you ask the creditors to let you pay a lump sum which is less than the full balance you owe on the debt. In return for having a lump sum payment the creditor agrees to write off the rest of the debt

Our addresses:

The Techno Centre,
Puma Way, Coventry, CV1 2TT

Office Hours:

Monday to Friday 9am to 6.30pm

Communications:

Tel – 0845 0179 578
Fax – 0845 0179 579
Email – office@simpsonfs.co.uk