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.