Solutions to your debt problems from Harrington Brooks.....

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If you are having debt problems you are not alone. Being in debt is a fact of life for many people in the UK today and when you find yourself in debt you need the help of a specialist.

Harrington Brooks are specialists in helping people in debt and we offer a wide range of solutions to people's debt problems.

People find themselves in debt often through no fault of their own, and finding yourself with debt problems is nothing to be ashamed of.

The key to solving your debt problems is to get good advice and to take action quickly and as there are so many debt solutions these days, there really is no excuse for not taking action.

Harrington Brooks offer all the main debt solutions, including: debt consolidation loans, debt management plans and Individual Voluntary Arrangements (IVAs). Call us free today and we will advise you on which is the most suitable debt solution for you.

Debt Consolidation Loans from Harrington Brooks

The first option many people consider to help with their debt problems is a a debt consolidation loan.

With a debt consolidation loan, you consolidate all your debts into one new loan which has a lower monthly repayment than you were previously paying on your various debts.

A debt consolidation loan can be unsecured, although if you are a homeowner then securing your debt consolidation loan against your property, or alternatively re-mortgaging your property to release equity to pay off your unsecured debts, will normally enable you to pay a lower interest rate than an unsecured debt consolidation loan.

Having said this, we would always advise you to think carefully before securitising unsecured debt on your home, because your home is at greater risk than if you take out a debt consolidation loan that is unsecured.

Debt Management Plans from Harrington Brooks

Harrington Brooks also offer debt management plans, another debt solution. Debt management plans allow you to make repayments you can realistically afford. A debt management plan is generally suitable for people with unsecured debt levels between £3,000 and £10,000, although people with other circumstances can also be suitable.

Debt management plans are informal agreements that are set up between people in debt and their creditors, an agreement which is negotiated on behalf of those in debt by a debt management company such as Harrington Brooks.

As part of the process of setting up debt management plans, reasonable living allowances are calculated and monthly repayments are set at affordable levels.

If you enter into a debt management plan with Harrington Brooks, we will also try to get your creditors to freeze interest and charges, although this cannot be guaranteed.

Once the debt management plan has been agreed, you make one monthly payment to us, which is then distributed on your behalf to your creditors.

One major advantage of debt management plans is that you no longer need to worry about letters or calls from your creditors. These can be forwarded to us or referred over to us and we will deal with them as part of our service to you.

If your circumstances change, either for the better or worse, don’t worry as debt management plans are flexible arrangements and can be altered accordingly.

In fact, we will monitor your situation and if you subsequently become suitable for an IVA (see info below), we will call you and discuss the possibility of you moving onto an IVA, which allows you to write off a proportion of your debt and be debt free after 5 years.

Individual Voluntary Arrangements (IVAs) from Harrington Brooks

Individual Voluntary Arrangements (or IVAs) are suitable if you have serious debt problems, generally where you have more than £15,000 of unsecured debt, have several creditors and are unable to keep up on your minimum repayments to them.

An IVA is a less drastic alternative to bankruptcy. It is a legally binding agreement between you and your creditors, where you make affordable repayments for 5 years (60 months) and after this period your remaining debt is written off and you are free of your debt.

An IVA can only be arranged through a licensed Insolvency Practitioner. They will look at your circumstances, your outgoings and will then establish what you can reasonably afford to repay each month, after your essential living expenses have been considered.

The Insolvency Practitioner will then negotiate with your creditors on your behalf, overseeing the whole IVA process.

As part of the IVA all charges and interest are frozen, meaning that your debt will not increase. Your creditors and any debt collectors will also no longer chase you for money, as all such letters and phone calls will be dealt with for you. Any legal action that may be underway against you will also be stopped, including any bankruptcy proceedings.

Once you enter into an IVA, you can therefore relax safe in the knowledge that as long as you keep up your repayments, you will be free of your debts after 5 years.

If you have unsecured debt of £15,000 or more and are struggling to make your repayments, contact Harrington Brooks today for free advice and support from our licensed Insolvency Practitioners and their team.

Our service is free - there are no fees to you as our costs are paid by your creditors from your contributions to them.