Be it financial litigation or finance repossession, we're the right debt advice agency to provide our clients with effective solutions so as to make them financially stronger. Before negotiating with creditors to freeze interest and charges, we always check whether our clients are legally liable for the debts that they have to pay. We have found that our clients have been trying to pay debts for which they have no legal liability or are not legally enforceable, for example, there may be Payment Protection Insurance sold on the agreement which can be recovered and, in some cases even render the whole agreement unenforceable.
The starting point is for us to identify Priority and Non-priority debts and ensure that our clients are able to afford the priority payments before entering into a debt management plan. Priority payments are those which, if not paid, would result in a financial litigation and the loss of our clients’ home, liberty, or essential goods or services. Any other debts, such as bank overdrafts, credit or store card debts, mortgage shortfalls, finance repossession and unsecured personal loans can be entered on the debt management plan. Only if there is available income or capital available after priority payments have been identified would we consider a debt programme for our clients.
If you are not suited to a debt management plan, either because your income is too low or your priority payments exceed your income, we can look to see if we can maximise your income by identifying benefits that are not claimed, or see if we can reduce your essential outgoings.
If you want to recover your debt or resolve a financial dispute, our financial litigation experts with an in-depth technical know-how can offer you all sorts of advice and support.
We helped a couple who had previously sought debt management advice from another company.
Unfortunately, other debt management companies do not have the experience or knowledge to prevent finance repossession or understand ways to increase income. So, by the time the couple had come to Bournes, they were seriously in arrears with their secured loan with Welcome Finance and were struggling to pay essential household expenses.
Furthermore, they had no control of their finances as they had debts amounting to over £13,000, some of which was with the bank of where their wages and benefits were paid. Our clients feared they would not be able to open a bank account because of their bad credit.
Our consultants helped them identify bank who offered bad credit bank accounts to enable them to gain control of their income.
The next stage was to look at ways of increasing their income. Their Tax Credits had been reduced because they had been overpaid. We advised them to get in touch with Tax Aid, who offers free advice and assistance.
We then looked at the secured loan they had on the property. Our clients were seriously in arrears with their secured loan with Welcome Finance and they were threatening finance repossession proceedings. We were able to prevent repossession by identifying multiple failures in the Welcome agreement. Having increased their income and prevented repossession, our clients were able to afford the payments to get some debt management advice on their unsecured debts of £13,000.
Within a year we helped our clients clear over £3,000, enabling us to enter the remaining debts into an Administration Order for just £20.00 per month. This meant that our clients' debts of over £13,000 will be settled in full for no more than just over £2,000.
Our success is down to listening to our clients and treating each of our clients as individuals, not just numbers on a case management system.