Bankruptcy

BANKRUPTCY

Bankruptcy is a form of insolvency for people who unable to repay their debts. You will lose control of your assets but you will no longer be responsible for your debts although you may need to pay back what you can afford through an Income Payment Order (IPO) for 3 years. For further advice you can visit www.bankruptcyhelp.org.uk

	Charges		Services
	Set up Fees	Monthly Fees	Monthly Financial Updates	Creditor Complaint Hotline	Monitor Int. Rate Negotiations in real-time	Login to client area	Advisor fills out paperwork for you	Online Customer Service Chat
VincentBond * Recommended	2 months payments Token payments are made to creditors	15% (min £25, max £100)	Yes	Yes	Yes	Yes	Yes	Yes
Cleardebt	2 months payments	17.63%	Update On Request	No	No	Yes	No	Yes
BrightOak	1 month payment	17.63% (min £25, max £100)	Update On Request	No	No	No	Yes	Yes
DebtHelp Charity.com	£0	0%	No	No	No	Yes	No	No

Fee Charging When deciding on whether to choose a charity or professional company it is worth bearing in mind that you usually get what you pay for. A charity will not be as fast and efficient as a professional company (although not all professional companies provide great levels of customer service!) Check for feedback on forums or on the web before deciding who to go with. Interest Rate Negotiating The MOST important thing in determining how long a debt management plan will last - is not the fees - but the negotiating of interest rates down to 0. This will be the biggest determining factor in whether your debts go down (if they are not negotiated properly they may go up!). You should ask yourself which company you think will do the best job of negotiating with your creditors on your behalf. Charities Most of the debt charities are funded by creditors. These are the same creditors that you owe money to. Creditors fund these charities because they want you to pay as much money to them as possible without you doing an IVA or going bankrupt. However, there is a strong possibility that the charity is not going to be negotiating very strongly for interest rates to be frozen (as the charity is run by the creditors!).

Tel: 0800 567 0056

>	Offer Free telephone advice
>	Web chat available
>	Client login
>	Monitor Interest rate negotiations in real time
>	Monthly email and SMS updates
>	Creditor Complaint Hotline
>	Headquarters is based in London

Website:vincentbond.com
Expert on our forum: click for profile

Debt Help Charity

Website:DebtHelpCharity.com

Tel: 0800 876 0 766

The Debt Help Charity

DIY Debt Management Charity that is free to use.
Most debt management companies charge you 300 pounds and 15% a month fees.
We are a registered charity and the service is completely free.

>	Complete a comprehensive analysis of your finance
>	Calculate a fair payment to each of your creditors
>	Use our legal template letters to reduce your payments to the amount you can afford
>	Use our legal template letters to get rid of interest rates.