Debt Advice Ilkeston

The amount of people in Ilkeston, Derbyshire who are struggling to manage their debts has increased rapidly in recent years. Derbyshire has been hit extremely hard by the economic uncertainty seen recently and bankruptcies and IVAs in particular are on the rise. 2009 saw record amounts of people in Derbyshire being declared bankrupt and record numbers of people entering into Individual Voluntary Arrangements.

Ilkeston has unfortunately followed this trend and many people are finding it more and more difficult to keep on top of their debts.

Local Debt Help Ilkeston

Bridgewood specialise in offering debt solutions to those who feel they can no longer cope with their debts. We are used to dealing with highly complex situations and will always work in your interest to find the best debt solution for you. We have excellent working relationships with creditors and we can work with you and your creditors to find an answer.

We are based in Nottingham City Centre, just a few miles away from Ilkeston and we are always happy to meet our customers and clients in person. Whether you wish to come to our offices, or whether we send a Financial Consultant out to your home, we are always on hand to offer advice when you need it. We also have a national debt helpline which you can call wherever you are in the UK.

Debt Solutions Ilkeston

Debt Management Plans Ilkeston

A debt management plan is an arrangement between you and your creditors which allows you to repay your debts with a lower and more affordable monthly payment:

• You only pay what you can afford - all your credit cards, loan repayments and other debts are reduced to one single, affordable monthly payment
• The stress is removed - we deal with your creditors on your behalf, as well as any debt collectors or bailiffs
• Charges are reduced - we will seek to arrange with your creditors to freeze interest and other charges

At Bridgewood we have close working relationships with the creditor community, which can be of great benefit in ensuring that the solution we propose on your behalf is responded to quickly and in an appropriate manner. Whilst they are not obliged to, we will negotiate with your creditors to freeze or reduce the interest and charges on your accounts wherever possible.

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Individual Voluntary Arrangement (IVA) Ilkeston

An Individual Voluntary Arrangement (IVA) is a practical solution to dealing with an unmanageable debt – one which you worry you might never escape from without declaring yourself bankrupt.

An IVA is a legally binding agreement between you and your lenders. By accepting the IVA, they are agreeing to accept lower payments, not to pursue any legal action against you (including trying to make you bankrupt), and to write off any outstanding debt at the end of the IVA. You agree to pay as much as you can afford for the time agreed (usually 5 years):

• You only pay what you can afford - all your credit cards, loan repayments and other debts are reduced to one single, affordable monthly payment
• The total amount of debt you have to repay is reduced - as part of the agreement your creditors will normally agree to write off a significant part of your debt
• You have a fixed end date – you will have an agreed date in the future when you know you will be debt free

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Bankruptcy Support Ilkeston

Bankruptcy can be a difficult and painful process to go through, but for some people it may be the only option. Bridgewood offers a Bankruptcy Support Service which gives you access to specialist advisors who will help and support you through:

• Help you find an alternative – we will make sure that every other available option has been explored
• Support you through the Process - our team of specialists can support you in filling out your bankruptcy petition, and will even accompany you to the Court if necessary

Learn more about Bankruptcy Support »