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Joshua, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 28924
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Need to sort my debts out been advised to call citizebs

Customer Question

need to sort my debts out been advised to call citizebs advice
JA: Where are you? It matters because laws vary by location.
Customer: barrow on humber noryth lincolnshire dn197bg
JA: What steps have you taken so far?
Customer: called national debt help advised a debt managment plan
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 11 days ago.
Category: Bankruptcy Law
Expert:  Joshua replied 11 days ago.

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

how may I assist in relation to the above please? I note that you are considering options in relation to debt management plans?

Expert:  Joshua replied 11 days ago.

I'm following up on the above. Without some further information from you as above, I am limited in what I can say on the matter but in the hope it is helpful nonetheless, I will provide you with the following broad answer. If you are able to kindly provide me with the above further information or if you have any further questions generally, I will be delighted to expand on the following - please just reply back to me in this case:

Notwithstanding the above, in general terms if you have debts which you are finding increasingly unmanageable, the principal options available to you are to enter into an informal creditors agreement with the various creditors you owe money to whereby they agreed to accept instalments and either freeze or lower the interest rate they are charging. alternatively, you can consider more formal options such as an individual voluntary arrangement where through a licensed insolvency practitioner, you pull all of your creditors together and negotiate a fixed period of payments and after which the balance of the debts is wiped clean. This can have some advantages in that you can avoid bankruptcy and keep most of your possessions but has the potential disadvantage of being in place for a number of years and which you must keep up repayments.

The other option is of course bankruptcy which has the advantage of wiping clean your debts but the potential disadvantage of meaning that you will lose most of your property other than certain assets you are allowed to keep.

To discuss your options further, you may consider conntacting a debt charity such a step change:

I hope the above is of some assistance but if you have any further questions, please revert to me