Debt Management Solutions
The stress and worry brought on through rising debt has torn thousands of families apart. Don't become a statistic. Take control and let Grass Roots help you.
The credit crunch has created an explosion in the number of people experiencing financial difficulties with many good, ordinary people suffering in silence because they are unaware of the different types of help available or are too embarrassed to ask for help. If you are one of the growing number of people presently struggling to make ends meet then you are not alone; Grass Roots are here to help you.
Finding yourself in debt can often be a frightening experience and finding the right solution can be confusing. Grass Roots will explain your options and help you make sense of your financial situation.
Debt Management Solutions allow you to take control of your debts with manageable payments, following negotiatiation with appropriate creditors, to help you get 'back on track'.
Debt Management Plan
The most common debt solution. A Debt Management Plan (DMP) is an informal agreement (i.e. it is not legally binding with the creditors) that is appropriate for United Kingdom residents who are struggling as unsecured debt repayments such as credit cards and loans are spiralling out of control.
Individual Voluntary Arrangement
A legally binding agreement for those who have higher levels of debt. An Individual Voluntary Arrangement (IVA) is seen as a potential alternative to bankruptcy. IVAs are possible for residents of England, Wales and Northern Ireland.
Protected Trust Deed
Scottish Residents with higher levels of debt may wish to consider entering into a Protected Trust Deed (PTD) as a possible alternative to Sequestration. This is a legally binding agreement.
Bankruptcy
Should you find yourself in the situation of non-payable debts and a low level of income, Bankruptcy may be the best solution for you. This should be the final option when it comes to dealing with debt.
Sequestration
Scottish clients with high levels of debt that cannot be cleared may wish to consider Sequestration. This process, not to be undertaken lightly, will ultimately result with all your debts being written off.
