People encounter financial challenges for many different reasons. These reasons can range from divorce to job loss; from student debt to overspending on credit cards and are often accompanied by extreme emotional pressures and stresses.
Whatever the reason and the circumstances, Benedict Mackenzie will help you address your financial situation. We will look at your specific circumstances and work with you to find a solution that is right for you.
The relief of having someone to help you to resolve your financial problems in a sensitive and non-judgemental way is almost instant.
There are a range of different options for people facing financial difficulty. Benedict Mackenzie will advise on the best one for you. This can include:
| ||Informal arrangement|
An informal arrangement is an agreement negotiated with creditors to pay back all or some of your debts over a set period of time. It is particularly appropriate if you cannot pay all of your bills at the moment but know that given time, you will be able to clear your debts in full. The disadvantage of reaching an informal agreement is that you do not have the protection of a Court 'stay' on creditors actions and rarely will creditors stop interest charges while you catch up with your debts. Benedict Mackenzie will discuss the benefits and disadvantages of this method with you and will help you to put this arrangement in place if it is the best option for you.
| ||Individual voluntary arrangements (IVA)|
This is a formal arrangement with creditors to pay all or part of your debts over a set period of time. It is a binding agreement approved by the court and provides protection from creditors. It does affect your credit rating as the arrangement is a matter of public record. However, it can be a very useful procedure for individuals whose ability to work would be adversely affected by a bankruptcy.
Bankruptcy will release you from debts that you cannot pay. Bankruptcy can carry some serious implications for you and is not the right option for everyone. Benedict Mackenzie will advise upon the implications of bankruptcy for you. If this is the right option for you, we will advise you on how to petition for your own bankruptcy, or on the process in the event of a creditor presenting a petition.