Is Welcome Solutions Licensed?
Q:
What is Debt Management?
A: Debt Management is the process by which your debts are consolidated into one
lower monthly payment. This one payment will be an amount which you
can afford, and will be apportioned amongst your creditors. Payments to
your creditors will be made on your behalf by Welcome Solutions.
Debt Management is an informal arrangement between you and your
creditors, and will take the pressure off you in various ways:
- Distribution of your single, affordable monthly repayment
to your creditors on your behalf
- No need for you to speak to your creditors - once you are
on the Debt Management Plan, any calls or letters demanding payments should
cease
- Ongoing support with the repayment of your debts with a
dedicated Personal Advisor
- Negotiation with your creditors to, where possible,
freeze interest charges and stop any further charges being applied
- Regular reviews to ensure that your plan is the best
possible solution for you, up until the point where debts are completely
paid off. This may include consolidating your debts or re-mortgaging your
home.........
Q:
What is an IVA?
An IVA is a legally
binding arrangement with your creditors which allows you to repay your
debts in monthly payments that affordable over a fixed period of time,
which is usually five years.
Your IVA proposals are
drawn up and one copy is sent to the court and another is sent to your
creditors. An application is also made to the court for an Interim Order
which will hold any action that the creditors may take while the process
is completed.
A meeting of your creditors is then
held where they vote on whether to accept, alter or reject the proposal, as long
as the proposal demonstrates clearly that you are willing to pay as much as you
can back to the creditors within the five year period, the creditors will accept
the proposal, if any of the creditors decline the proposal, as long as we get a
75% majority vote from your creditors, the IVA proposal will be accepted.
Due to the fact that an IVA is an
agreement to repay your creditors as much as you can afford over the five year
period, the remainder of the debt will be written off........
Q: How will Debt Management help me?
A: We will negotiate and administer your monthly payments to each of your
creditors. This means that you will only have to make one lower monthly
payment to us, and all your outstanding debts will be repaid from
that payment. If your outgoings are currently more than you can afford, or even
in excess of your income, this can be rectified. Your one monthly payment will
be affordable, and will take into account all your income and expenses. We will
also request that interest be frozen, to enable more speedy repayment of
the debts.
Remember, it is in the interest of everyone that debts are paid off as soon as
possible...........
Q: Why should I choose Welcome Solutions?
A:
In our experience, the most important consideration initially is to consider
that most people in debt should avoid getting 'tied' into any further expensive
agreements such as debt management contracts binding them into excessive fees
for a minimum period, and high interest loans which could increase liability,
and create an even bigger problem. To this end, Welcome Solutions does not
expect clients on the Debt Management Programme to sign up to paying fees for a
minimum period - our aim is to provide a level of customer service and achieve
results as quickly as possible to ensure that our clients continue to use our
service throughout the repayment of their debts. There are no penalties incurred
to leave the debt management plan.
With years of experience in the debt management industry,
we know our clients' main
concerns, and have the knowledge and commitment to find the appropriate solution
for you. We have no commercial interest in any banks or financial institutions.
This means that our advice is genuinely impartial........
Q: Will interest be frozen on my debts?
A: In the majority of cases, interest will be entirely frozen. A minority of
creditors will reduce interest charges. You should therefore see a significant
reduction in the amount of interest being charged overall..........
Q:
How will I know my creditors are being paid?
A: Every month we will send you statements showing how much money we have received
from you, and how much money we have paid to each of your creditors. You will
continue to receive statements for credit cards etc. in the normal way.
We have a team of staff responsible for monitoring outstanding balances
continually, and they will report to you periodically, in order to keep you well
informed..........
Q: What should I do if one of my creditors contacts me?
A: Once you have given us authority to act as your representative, your creditors
are obliged, under
Office of Fair
Trading guidelines, to negotiate with us. Furthermore, they should not
contact you directly and bypass us as your appointed representative.
If you are contacted in any way by one of your creditors, we will deal with
this for you. If you are contacted by letter, forward it to us by post or fax.
If you are contacted by telephone, ask the caller to call us..........
Q: I am already with a Debt Management Company. Can I transfer to you?
A: Yes. We can easily transfer you on to our Debt Management Programme, and
we will also endeavour to reduce your payments down from what you are
currently paying..........
Q: Are you Licensed?
A: Consumer Credit act
Under the terms of the Consumer Credit Act, we
are subject to License by the Office of Fair Trading for the
provision of Debt
Management services. In December, 2001, the Office of Fair Trading
issued a comprehensive set of Debt Management guidelines to
which we are
required to conform.
Our
Consumer Credit Licence No. 546734
Data Protection Act (1998)
The Data Protection Act 1998 came into
force in the United Kingdom on 1 March 2000. This Act,
associated case law, and secondary legislation constitutes data protection law in the
UK. We are governed and abide by the
regulations set out in the Data Protection Act (1998).
Our Data Protection Registration No. Z820263X
