Frequently Asked Questions
What Are Debt Management Companies?
Debt managements companies (DMA's) are organisations who will charge a fee for negotiating reduced payments with your creditors based upon what you can afford to pay. DMA's generally take your first payment as a set up fee, and then make a further monthly management charge.
What Are Individual Voluntary Arrangements? (IVAs)
This is a legal process where your creditors agree to accept your disposable income over a period of up to 60 months, after which time the remainder of your debt is legally written off and you become debt free. Once your proposed IVA has been agreed, your creditors cannot re-negotiate the terms of your arrangement, and all interest and charges on your debts are stopped.
What Is Debt Consolidation?
Debt consolidation is a loan taken out with a finance company, and used to pay off other debts.
What Is A Pro-rata Arrangement (Self Help)
A process of negotiating reduced payments with your creditors, based upon your disposable income.
What Is Bankruptcy?
Bankruptcy is an administrative procedure where your assets and disposable income are realised for the benefit of your creditors, usually as a last resort.
What Is My Disposable Income?
Disposable income is the difference between your nett household income and all necessary living costs.
Will Resolve UK Charge Me A Fee For Their Services?
No Our services are entirely free of charge.
How Do Resolve UK Earn Their Income?
All advice is free. Should we refer you to an insolvency practitioner for an IVA, they will pay us a referral fee.
What Is A Trust Deed?
The Laws in Scotland differ from those of the rest of the UK. A 'Trust Deed' is a similar arrangement to an IVA, but the duration is for 3 years only.We can help you RESOLVE your problem by giving free, best advice, which is tailor made for your situation.
We will give advice on
- Debt management
- Individual Voluntary Arrangements (IVA's)
- Pro-rata arrangements (Self Help)
- Bankruptcy etc.
