Managing Your Debts

As UK debt levels soar and more households find themselves in financial difficulty, many people turn to the likes of Debt Management & financial solution companies to seek options & assistance.

'The average debt owed by every UK adult is approximately £26,525. Imagine trying to manage this when you lose an income or receive a letter from HM Revenue & Customs (HMRC) asking for unpaid tax due now.

Many people simply need a guiding hand and at TaxDebts we pride ourselves in ethical and compassionate advice. We understand that managing debt & controlling spiralling finances can be a burden that leads to further issues & problems.

It costs the government more for a person to claim benefits if they are off sick or lose an income than it does to assist people in managing their debts proactively, this assistance is even more of a priority if they are looking at bankruptcy or at their business closing.

There are many ways to manage your debts & there are different solutions generally available to you.

At TaxDebts we ensure you receive the best practical advice and are guided through each stage of our processes by a highly trained & dedicated team of professionals.

At Taxdebts Ltd we offer a range of solutions tailored to your needs, all you need to do to take the first step is contact TaxDebts now, either complete the online application forms or alternatively give us a call on our freephone number 08000 195 999 We can try & help you gain control over your situation again and help you deal with the debt on your mind.

Solutions to managing your debt

Tax Management Plan

Our solution to unpaid tax is designed to assist people who are experiencing financial difficulties and, as a result, are not meeting their tax commitments. This service is specifically for people who really cannot pay their unpaid tax in one go; by assessing their situation & establishing that this solution is necessary we then proceed with a detailed fact find. Many people struggle with unpaid tax liabilities, however it is only through the course of our assessment & fact find process that we determine those clients that cannot pay their liability through financial difficulties as opposed to clients that simply won't pay. TaxDebts advisors have spent several years developing our tax solution & have utilised HMRC own manuals to determine what specific information is necessary to ensure that your unpaid tax is dealt with quickly & professionally.

We will manage the liability for you by agreeing an affordable monthly payment based around an assessment of your circumstances and existing financial situation. We will also help take the burden away and liaise directly with HMRC to discuss suitable arrangements that are manageable and practical to reduce your liability in the quickest time possible.

Understanding the tax system is difficult at the best of times, our highly trained staff will guide you through each step of our processes, helping you understand your situation better and giving you the peace of mind that a priority debt is being looked after by a team of professionals.

At TaxDebts we also appreciate that your circumstances can change, therefore we will review your case every 3 months to ensure that the plan we have agreed with you is still correct. This information will be done in line with any time lines requested by HMRC, ensuring that your case is always as up to date as possibly, based on your financial circumstances.

Financial Management Plans

With a financial management program from TaxDebts you may be able to consolidate all your existing credit cards, loans and other unsecured debts by replacing them all with one single lower monthly payment, making your tax commitments easier to deal with.

Our financial management consultants will negotiate to lower your repayments with your creditors on your behalf, leaving you hassle free and able to enjoy your life again.

We will review your circumstances regularly and assess all available financial solutions, in turn helping you to manage your debts successfully.

IVA

An Individual Voluntary Arrangement is a legal process by which you can gain protection from your unsecured creditors by entering into a legally binding repayment agreement with them, which is then supervised by a licensed Insolvency Practitioner.

This process is suited to those debtors who have a reasonably high level of disposable income but who also have very significant unsecured debt problems, usually over £15,000.

In this process of getting all your debt problems solved, you are normally required to make regular monthly repayments, usually over a 5-year period, after which any balances remaining on your debts are written off.

If you are a homeowner, you will normally be required to release any equity you have in your property by taking out a mortgage or secured loan and paying this money to your creditors.
Once your creditors have agreed an IVA, all interest and charges on your unsecured debts will be frozen.

Your supervisor in the IVA is required to review your financial situation every year and, as a result, you may be required to increase your monthly contributions into the IVA.

Loan

TaxDebts could help you solve your debt problems. One option that could suit you is a consolidation loan.

A consolidation loan is a single loan that is used to pay off your existing debts, leaving you with only one monthly payment. A consolidation loan could work out cheaper therefore saving on your monthly payments.

Call now to see if a consolidation loan can work for you. 0800 195 999

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Trust Deeds (Scotland)

A Protected Trust Deed is a legal process available to solve your debt problems in Scotland so that you can gain protection from your creditors in much the same way as with an Individual Voluntary Arrangement in the rest of the UK.

Payments are normally made over a 3-year period, after which the balances on your unsecured debts are written off.

On agreement, all interest and charges on your debts are frozen.

Your protected trust deed is supervised by a licensed Insolvency Practitioner, who is responsible for all negotiations with your creditors and who is also responsible for ensuring that you keep to the terms of the Trust Deed.

Full & Finals

A Full and Final settlement is an informal arrangement with your creditors which allows you to repay a proportion of your debt in a one off lump sum payment. This is an ideal solution for individuals who are able to raise a sum of money but find that after providing for their reasonable costs of living they do not have any surplus income.

Creditors are likely to accept your full and final settlement if we can demonstrate that this offers a better return than bankruptcy.

Bankruptcy

Petitioning for bankruptcy is a serious matter and one that should be undertaken with skill and experience, certainly a logical sounding statement yet many people go bankrupt without seeking advice. But why do so many people go bankrupt without professional advice, creating big problems for themselves in the future?

To assist with this, TaxDebts has developed its service to provide those considering, or those going bankrupt, with an extended level of assistance so that people have the best chance for a successful bankruptcy petition without any unfortunate surprises.

Repossessions & Evictions

If you are being threatened with either repossession or eviction from your property we may be able to help.

At Taxdebts Ltd we offer a range of solutions tailored to your needs, all you need to do to take the first step is contact TaxDebts now, either complete the online application forms or alternatively give us a call on our freephone number 08000 195 999...... We can try & help you gain control over your situation again and help you deal with the debt on your mind.