We are thinking of using a firm called Debt SOS to arrange a debt management plan. They have been recommended to us and in early discussions seen very good but this is all a new area to be and if possible I would like to try and get some third party feedback.
If they have been recommended and you find yourself comfortable with them, there is no reason not to proceed. You can always take other opinions and Andy Davie of Vincent Bond has an excellent reputation for debt management and could be worth a call.
Have you considered an IVA or is that not an option?
We have a number of solicitor debt management clients who decided that more formal options didn't make sense for them professionally.
As Michael says it is very important to find a company that you are entirely comfortable with as your business relationship with them is likely to last several years.
As with the advice often provided about IVA's on this site I think it makes sense to speak with a few firms so that you can weigh up which seems to be the best fit for your needs.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
You do have to notify the Office of Supervision of Solicitors and there can be restrictions placed against you. However, this does tend to affect sole practitioners and not solicitors employed in larger practices.
I understand your concerns and hopefully your DMP will help you get back in control in a short period of time.
I am acting for a number of solicitors in IVAs and whilst you do have to notify the Law Society they are pretty disinterested to be frank. Unfortunately there are a lot of law firms sruggling at the moment, small and large.
