Debt Solutions
Holistic debt advice
For individuals and couples who feel that they are in financial difficulty and require professional assistance, we undertake holistic debt advice to establish your circumstances and the most appropriate debt solution that suits your circumstance and preferences allowing you to make an informed choice. This includes:
- Establishing whether there are emergencies or priorities ahead of your debts that need to be dealt with
- Determining your financial circumstances, the cause of these and your whether you would be considered vulnerable
- Separating your priority expenditure from the non-priority, including any arrears that you may have with priority creditors
- Establishing a household budget using industry recognised 'trigger figures', this will determine whether there is a deficit
- Reviewing the unsecured creditors and lenders that you owe money to
- Assessing whether any legal action is pending or has been initiated (e.g. a county court judgment)
- Assessing whether there are any assets that may need to be taken into account, this can include equity in your home
- Taking account of your preferences, to establish the debt solutions that you are eligible for
- Present the debt solutions available for you to make an informed decision that best suits your circumstances
Different debt solutions are available for businesses of all sizes and we would recommend that you contact directly regarding business debt solution enquiries and we will put you in contact with one of our business recovery experts, who work with Melanie Giles, who is a Member of the Association of Business Recovery Professionals (MABRP).
Personal debt solutions by legal jurisdiction
| Debt Solution / Jurisdiction | England & Wales | Scotland | Northern Ireland |
|---|---|---|---|
| Self-management (self cure) | |||
| Administration Order | |||
| Bankruptcy | |||
| Debt Management Plan (DMP) | |||
| Debt Arrangement Scheme (DAS) | |||
| Debt Relief Order (DRO) | |||
| Individual Voluntary Arrangement (IVA) | |||
| Protected Trust Deed | |||
| Re-financing | |||
| Sequestration | |||
| Minimal Asset Process (MAP) Bankruptcy |
Each of the relevant debt solutions above will be confidentially discussed by the debt adviser. In some instances the solution may be offered by an independent third party provider (e.g. a DRO competent authority) and this will be made absolutely clear if you request that we refer you to a specialist provider.
We will make clear where fees are involved and where there are not-for-profit firms or charities that may offer a product or service where there a no direct costs to yourself. These are covered in the Information Sheet that supports each specific debt solution.
You will always be given the right of a 14 day cooling off period should you decide to withdraw from a debt solution with Clifford Watts. We offer a clear cancellation and refund policy. We do not charge any advance fees.