Debt Collection Process & Debt Consolidation

For many consumers it is easy to accumulate a steady stream of loans or credit card debt, thinking you will be able to pay it back one day. However, that day may come and you find yourself in over your head with your creditors.

In these situations, it is important to consult expert advice from debt collection solicitors early so that you can avoid further financial woes.

Dealing with Debt Collection

Dealing with debt collection can be a stressful ordeal. Our debt collection solicitors are dedicated to understanding you and your situation, in order to guide you through it in the best way possible. When in debt there are a few signs that signal the need for outside help, including:

• Frequent calls at home or work from your creditors.
• Inability to make payments on your loans or credit agreements.
• Threats of legal action from creditors.
• Debt collection agents coming to your home or place of business.

In this situation, you may feel in over your head and choose to ignore the situation. But, this will only lead to escalation and further troubles for you. Debt collection solicitors can help you to fill out the necessary paperwork, negotiate for lower amounts to be paid back over a period of time or represent you in court if legal action is taken against you. They can also help to consolidate your debts in a more structured format.

Debt Consolidation

An individual voluntary arrangement (IVA) is a formal agreement regarding your debt collection made between you and your creditors. Through negotiations with your debt collection solicitors, it can create a structure for you to repay your debt into an affordable amount.

Debt consolidation in this way means that you are entering into a legally binding agreement, as such, it is important to ensure it is right for you before entering into it. The IVA allows you to put forward an offer of a payment plan to your debtors, based on what you can afford as agreed between yourself and your debt settlement lawyer. This can either be in one lump sum or be part of a 60- to 72-month repayment plan. It is supervised by a licensed Insolvency Practitioner.

To be approved for an IVA, 75% of your creditors must agree to the proposal made by your debt settlement lawyer. Once approved, you will be protected against any legal action taken to recover the debts. An IVA leaves you open to regular financial reviews as part of the debt consolidation, which will be made into a progress report for yourself and your creditors.

Start Consolidating Your Debts Today with Gorvins

For a confidential discussion of your personal circumstances and your available options, don’t hesitate to get in touch with our expert team of debt collection solicitors. Contact us on 0161 930 5151, e-mail disputeresolutionteam@gorvins.com or fill in our online form and a member of our team will be in touch with you shortly.