What options do you have?

At WB Debt Care we believe we offer the best service for those businesses and individuals who, for any number of reasons, have found their financial circumstances too much to handle.

With the help of our experienced business and personal financial recovery team, we will seek positive solutions to try and rescue the situation by one of the following options...

• Protected Trust Deed
• Sequestration (Bankruptcy)
• Debt Arrangement Scheme
  

Interactive Case Study (Your Choices)...

WB Debtcare has prepared an interactive case study to assess a situation and show you which options you have which then enable you to make the right choice.

For an assessment of your situation please Contact WB Debtcare >>

Alternatively you can complete our financial health check case study and see if you can resolve the debt problems for Mr and Mrs A....

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" Mr and Mrs A reside in Rented Accommodation earning approximately £32,000 (take home salary) Mrs A has recently had to give up her job due to the birth of their first child. Mrs A has managed to get a part-time job and she does receive the relevant Tax Credits. Whereas previously the family could afford the credit repayments they are now struggling to service £30,000 worth of joint unsecured debt. They have looked at their budget and assessed that they can afford £250 per month towards their debts."

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Please click on your answer below

What do they do?

a) Do Nothing

b) Approach a Debt Management Company

c) Approach their local Citizens’ Advice Bureau

d) Approach Consumer Credit Counselling Service

e) Arrange a Debt Repayment Plan themselves

f) Sign a Trust Deed (Scottish Legislation)

You have chosen 'Do Nothing'

Mr and Mrs A experience continued debt problems

• The family have continue to be contacted by creditors by both mail and telephone
• Both Mr and Mrs A are severely stressed by the situation and experience relationship problems
• Mr A has given up his job due to poor health problems

What other option could they have taken to solve their problems within 3 years?

Contact with WB Debtcare could have resulted in a Trust Deed, which could have resolved their debt problems within 3 years.

For an assessment of your situation please contact WB Debtcare

You have chosen 'Approach a Debt Management Company'

Mr and Mrs A are now paying the £250 to the Debt Management Company who are dealing with their debts

The Debt Management Company are taking an administration fee of approximately £50 per month

Unless Creditors agree to reducing the duration of the repayment programme it will take Mr and Mrs A 150 months to repay their debts based upon the following calculation...

• Disposable Income 250.00
• Less Management Fee 50.00
• Available for Creditors 200.00
• Debts £30,000 divided by £200 150 months

What other option could they have taken to solve their problems within 3 years?

Contact with WB Debtcare could have resulted in a Trust Deed, which could have resolved their debt problems within 3 years.

For an assessment of your situation please contact WB Debtcare

You have chosen 'Approach your Citizens’ Advice Bureau'

Mr and Mrs A are now paying the £250 to a Debt Repayment Plan organised by the CAB

Mr and Mrs A still have the stress of making the reduced payments but they have the knowledge that the CAB will advise if they have any problems.

Unless Creditors agree to reducing the duration of the repayment programme it will take Mr and Mrs A 120 months to repay their debts based upon the following calculation

• Disposable Income 250.00
• Available for Creditors 250.00
• Debts £30,000 divided by £250 120 months

What other option could they have taken to solve their problems within 3 years?

Contact with WB Debtcare could have resulted in a Trust Deed, which could have resolved their debt problems within 3 years.

For an assessment of your situation please contact WB Debtcare

You have chosen 'Approach a non fee charging organisation'

Mr and Mrs A are now paying the £250 to a Debt Repayment Plan coordinated by a non fee charging organisation (CCCS/Payplan).

Mr and Mrs A have the knowledge that they make one payment to the organisation and they work out the plan and pay the creditors from the £250 each month on a pro rata basis.

They know if there are any problems they can contact their caseworker.

Unless Creditors agree to reducing the duration of the repayment programme it will take Mr and Mrs A 120 months to repay their debts based upon the following calculation

• Disposable Income 250.00
• Available for Creditors 250.00
• Debts £30,000 divided by £250 120 months

What other option could they have taken to solve their problems within 3 years?

Contact with WB Debtcare could have resulted in a Trust Deed, which could have resolved their debt problems within 3 years.

For an assessment of your situation please contact WB Debtcare

You have chosen 'Arranging a Debt Repayment yourself'

Mr and Mrs A are now paying the £250 to a Debt Repayment Plan on a pro rata basis.

Mr and Mrs A still have the stress of making the reduced payments and have no support if there are any problems.

Unless Creditors agree to reducing the duration of the repayment programme it will take Mr and Mrs A 120 months to repay their debts based upon the following calculation

• Disposable Income 250.00
• Available for Creditors 250.00
• Debts £30,000 divided by £250 120 months

What other option could they have taken to solve their problems within 3 years?

Contact with WB Debtcare could have resulted in a Trust Deed, which could have resolved their debt problems within 3 years.

For an assessment of your situation please contact WB Debtcare

You have chosen 'A Trust Deed'

A Trust Deed is a voluntary agreement organised by a licenced Insolvency Practitioner giving protection against pursuing creditors when it achieves protected status. The duration is normally three years and has a minimum monthly contribution of £100

Mr and Mrs A are now paying the £210 to the Trust Deed

The reduced payment resulted from an Assessment by the Insolvency Practice who decided that the budget had not taken into account some expenses

Following the relevant period the Trust Deeds received protected status

All creditor contact is now dealt with by the Insolvency Practitioner

• Disposable Income 210.00
• Available for Creditors 210.00
• Debts £30,000

a dividend paid to creditors and a release from debt in 36 months.

For an assessment of your situation please contact WB Debtcare