Debt Consolidation

Debt consolidation is an arrangement where one finance company takes over all your current debts. It means bringing multiple debts together and combining them into one easy payment. Debt consolidation program involves regular payments at a rate you can afford to pay so that your debt will be paid off quicker. It has become serving hand for people who find it complex to pay off their debts.

Debt Consolidation program provides a secured loan against any asset which is provided as collateral, most commonly a house. When you select for a debt consolidation plan it allows a lesser interest rate, because by collateralizing, the asset owner is permitted to sell the asset to pay back the loan. Once you register with a debt consolidation company, a debt counselor counsel you and give advise to control the debts.

Debtors with possessions such as a home or car may get a lower rate through a tenable loan using their property as collateral. These programs are lifesavers for most people, and they allow most consumers to avoid filing for bankruptcy. Debt consolidation is mostly advised to the people who have awaiting Credit Card payments. The credit card can carry a much high rate of interest than that of an unsecured loan from a bank.

The counselors delineate your payment options, your debt management fees, and the exact services you can anticipate from the company. Once a negotiation is reached, you will pay the Consolidation Company an agreed monthly payment, and the counselor forwards the payments to your creditors.

Debt consolidation makes your unsecured debt much easier to pay off, as you'll be making just one payment every month. Debt consolidation is provided for debts including student loans, credit card debt, and vehicle loans. When a debt consolidation company finds a debtor in a danger of bankruptcy advice, the companies buy the loan at a discount. As your payments are made and your overall debts are reduced, your credits score increases and it will probably cost you a lot less per month than that you are paying today.
For further information and help please visit : http://www.gemstonedebtmanagement.co.uk/ .

Bankruptcy advice

debt management

If your debts have become unmanageable and you cannot see how things will ever improve, contact Gemstone for expert advice. Bankruptcy is one way of dealing with your debts and if appropriate, we can provide the advice, support and service that you will need to complete the process.

To understand if this option is right for you, our professional, trained advisers are on hand to offer a comprehensive and discreet initial consultation.

Our service has been designed to support you all the way through the process and can even include accompanying you during your court appearance and helping repair your credit file once you have been discharged.

Contact us now to discuss the advantages and disadvantages of bankruptcy advice and to find out whether it could be the best solution for you.

IVA

If you’ve lost control of your finances an IVA could get you back on track.

 An Individual Voluntary Arrangement (IVA) is a legally binding agreement with your creditors to pay back a percentage of your debts over a set period of time.

A licensed Insolvency Practitioner is appointed to assess your circumstances and formalise the agreement which can sometimes require the disposal of some personal assets. An IVA typically lasts 5 years, though can be 6 years in some cases.



After allowing for necessary living expenses, the remainder of your income is paid to the insolvency practitioner, who after deducting any fees will distribute payments to your creditors. Home owners may have to remortgage their property in the fourth year to release equity to their creditors.

Entering into an IVA is not guaranteed, as creditors holding at least 75% of your debt by value must agree to or not vote against the IVA. Once the IVA is agreed, creditors cannot add fees or charges to the debts and will not chase you for any further payments. Additionally, once the IVA is complete, any remaining debt is written off.

Anyone entering into an IVA must be sure they can see it through to completion as if an IVA fails, under certain circumstances, the Insolvency Practitioner may have to file for their bankruptcy.

Gemstone provide access to market leading Insolvency Practitioners to guide you through the process of entering into an IVA. All costs for the IVA are met from your affordable monthly payment.  For further info visit debt help.

Debt management

Many people look for a loan when in financial difficulty however this is often not the best solution. Debt Management can offer many of the benefits of a loan but possibly without some of the less desirable elements, such as compounded interest (interest charged on interest).

A Debt Management Plan with Gemstone will provide you with the benefit of one single monthly payment for all of your unsecured debts. Your monthly payment will be set at a level that you can afford and payments will then be made to your creditors as part of an agreed repayment programme.


Because you will be making reduced payments to your creditors, your plan may result in a lengthening of the repayment period for your debts and in some comes cases increase the total sum to be repaid. Any delay in payments to creditors, such as if you miss a payment or when paying our Plan setup fee can result in your accounts going further into arrears.

For customers who pay into their Debt Management Plan regularly, we typically receive concessions from creditors such as suspension or reduction of interest and relief from further charges, though such concessions are negotiated with your creditors and cannot be guaranteed.

Bankruptcy advice

Sometimes Bankruptcy is the right solution If your debts have become unmanageable and you cannot see how things will ever improve, contact Gemstone for expert advice. Bankruptcy is one way of dealing with your debts and we can provide the advice and service that you will need to complete the process.

We know that many people worry about bankruptcy, which is why our range of services include attending court with you and support before, during and after bankruptcy.

Bankruptcy can remove the anxiety of being in debt and give you a fresh start, subject to some restrictions. You will no longer have to deal with any of your creditors and you will usually be discharged within 12 months of the bankruptcy order, with your debts being written off. However some debts are excluded, such as any secured and student loans. Declaring yourself bankrupt may not necessarily mean that you will lose all of your personal belongings, in fact you will be allowed to keep your general household items, and in some cases even your car and home.

Bankruptcy should be considered as the last resort for people in serious debt, as it can have serious implications. Your assets may have to be sold and shared out evenly amongst your creditors and you could even lose your job. You may be subject to an Income Payments Order and have to pay some of your disposable income to the trustee of your bankruptcy for three years. This will be divided evenly amongst your creditors. You may find it difficult to get a new bank account as most banks do not offer a facility for bankrupts. You will also be unlikely to gain further credit for six years, possibly even longer.

Every case is of course different and bankruptcy may not be the right option for you. Please give us a call to discuss your situation and find out whether it could be the best solution for you.

 
To get more Bankruptcy advice visit Debt Solutions.

IVA

Circumstances can change - If you've lost control of your finances an IVA could get you back on track. An Individual Voluntary Arrangement (IVA) is a legally binding agreement with your creditors to pay back a percentage of your debts over a set period of time.

A licensed Insolvency Practitioner is appointed to assess your circumstances and formalise the agreement which can sometimes require the disposal of some personal assets. An IVA typically lasts 5 years, though can be 6 years in some cases. Anyone entering into an IVA must be sure they can see it through to completion as if an IVA fails, the IP may file for the customer's bankruptcy.

After giving the customer an allowance for their necessary living expenses, the remainder of their income is paid to the IP, who will deduct their fees from this and pay the remainder to the client's creditors. Home owners may have to remortgage their property in the fourth year to release equity to their creditors. Entering into an IVA is not guaranteed, as creditors holding at least 75% of your debt by value must agree to or not vote against the IVA. Once the IVA is agreed, creditors cannot add fees or charges to the debts and will not chase the customer for any further payments. Additionally, once the IVA is complete, any remaining debt is written off.

Gemstone can provide access to market leading Insolvency Practitioners to guide you through the process of entering into an IVA. The costs differ significantly and will depend upon your circumstances. All of the fees are met by the agreed monthly payments you make into your IVA, which will be at a level you can reasonably afford. The initial costs are usually equal to 5 months' payments and the ongoing costs tend to be around £1,200 per annum, but you will not need to pay these in addition to your normal monthly payments.

Debt management

There are more ways of solving your debt problems than just another loan. Loans are often not the 'right' solution for people experiencing financial difficulty, and Debt Management Solutions can offer many of the benefits of a loan but without some of the less desirable elements, such as compounded interest (interest on interest).

A Debt Management Plan with Gemstone will provide you with the benefit of one single monthly payment for all of your unsecured debts. Due to a DMP being at a level that the customer can afford, it will usually result in a lengthening of the repayment period and possibly increase the total sum to be repaid. You should also note that any delay in payments to creditors, such as when paying our Plan setup fee can result in your accounts going further into arrears. For customers who pay into their Debt Management Plan regularly, we have a good record of gaining concessions from creditors such as suspension or reduction of interest and relief from further charges, though creditors are under no obligation to do this and may impose further charges. Should your DMP run for longer than originally projected, for instance due to debt levels being higher than expected or a change in your circumstances, you will of course incur further monthly DMP fees.

At Gemstone, we employ credit professionals and trained advisers whose aim is to help you become debt free. All Debt Management Plan customers will have a personal Account Manager who will handle their case for them.