GW Solutions UK Ltd lifted a great burden from my shoulders by professionally organising all my debts, contacting all the various companies involved and arranging payments I could afford. I would recommend GW and indeed have done so in the past.
There are other options which should be considered for debt and financial problems. You can access free advice and guidance on these via the Money Advice Service. If you were to speak to a Personal Finance Advisor and it became apparent that one of these solutions was a suitable solution GW Financial Solutions UK Ltd. would advise you of this, and, provide you with contact information so that you could access further information and explore that solution further.
Bankruptcy is a solution for people who have little or no ability to repay unsecured debts. A Bankruptcy order can be applied for by your creditors against you, or you can choose to make yourself Bankrupt (Voluntary Bankruptcy).
Bankruptcy is only available to those who reside in England, Wales and Northern Ireland. If you are a Scottish resident, please see the section ‘Resident of Scotland’ for information about the Scottish version of Bankruptcy, Sequestration.
If you choose to petition for Bankruptcy, you can now do this by completing your application online. A Bankruptcy order has to be applied for through the county courts and court costs are likely to be involved. There is an application fee of £680 which is payable when submitting the online petition for Bankruptcy. This can also be paid in instalments, however, the full £680 must be paid before you can submit your Bankruptcy application.
If you are on benefits or have a low income you may qualify for a reduction in costs. Bankruptcy is an option for those with no other way of regaining control of their finances, for people in this situation it can be a huge relief, although it should be recognised that it is a form of insolvency and can have some long-term effects on your ability to get credit as well as other areas of life.
GW completes a detailed assessment of your personal financial circumstances, and if we believe and advise that Bankruptcy is the best solution for your current circumstances then this is how it would work for you:
An application online is required to assess your suitability and reasons for needing Bankruptcy. Once this is complete and submitted, an appointed representative of the court, called an Official Receiver, will conduct a detailed investigation into your income, expenditure and assets. They will be a point of contact with you until discharged from Bankruptcy. GW will offer advice on how you can apply for Bankruptcy or where you need support and will direct you to appropriate sources for assistance.
So what are the advantages of Bankruptcy?
What are the disadvantages of Bankruptcy?
What is a Debt Relief Order?
A Debt Relief Order is also a solution for people who have little or no ability to repay unsecured debts. A Debt Relief Order can only be applied for through an approved intermediary. You can find an intermediary in most Citizens Advice Bureaus and some Local Councils. A Debt Relief Order is only available to those who reside in England, Wales or Northern Ireland.
A DRO has certain criteria which must be met for an application to be considered. This includes:
If you live in Northern Ireland, the criteria is different:
As with Bankruptcy, a Debt Relief Order is an option for those with no other way of regaining control of their finances, for people in this situation it can be a huge relief, although it should be recognised that it is a form of insolvency and can have some long-term effects on your ability to get credit as well as other areas of life. A Debt Relief Order will last for 12 months, after which if circumstances have not changed, the qualifying debts are written off. Where circumstances do change or the DRO becomes ineligibal then the Debt Relief Order will be revoked.
GW completes a detailed assessment of your personal financial circumstances, and if we believe and advise that a Debt Relief Order is the best solution for your current circumstances then this is how it would work for you:
GW will direct you to appropriate sources for assistance. An approved intermediary would assess your suitability and complete an application form with you. The application is submitted and then you would wait to hear back from the Official Receiver to tell you whether your application has been successful.
So what are the advantages of a Debt Relief Order?
Your debt is written off after 12 months if your situation doesn’t improve.
What are the disadvantages of a Debt Relief Order?
You can access free advice on these, and all other solutions, from the Money Helper.
There are several solutions available to residents of Scotland which are not available for those living in England, Wales and Northern Ireland. Three additional solutions are detailed below, however, this is not an exhaustive list of solutions available to Scottish residents and more information on the range of solutions can be found accessing Citizens Advice Scotland.
Here are some advantages and disadvantages of each of these solutions, for your consideration:
SEQUESTRATION
Advantages:
Disadvantages:
Advantages:
Disadvantages:
GW does not administer any of the aforementioned debt solutions, however, if you appear to be suited to any of these during a Personal Consultation with our Personal Finance Advisors, we will direct you to organisations who can provide free debt advice, assess your suitability and even set up or administer them for you.
If you live in Scotland you can access a free source of debt advice using the link below:
