Welcome Solutions specialises in dealing with debt. Unlike many other debt management companies we do not offer personal or secured loans - Welcome Solutions has grown over the years because of our specialist knowledge in assisting people in debt without the need for further borrowing.

Debt Management

Debt Management is the process of dealing with debt without the need for further borrowing. The amount payable per month is calculated by taking income less an amount for essential expenditure into consideration - things such as household bills, car and travelling expenses, secured loans, hp items, arrears on accounts such as council tax and many other items. This one affordable amount is then used to pay towards the debts on a monthly basis - payments to all creditors are made by Welcome Solutions. All letters and phone calls will be dealt with on your behalf, saving you from the stress and hassle.

 IVA

An IVA is a legal contract between you and your creditors, it is a legally binding arrangement supervised by a Licensed Insolvency Practitioner, the purpose of which is to enable you to reach a compromise with your creditors and avoid the consequences of bankruptcy.

The IVA enables you to reduce your debts to an affordable level and clear them over a fixed period of three to five years. You can even take out a mortgage while in an IVA.

You make one single manageable monthly payment, based on your income and expenditure, for 3-5 years. At the end of this period the remaining debt is written off, leaving you completely debt-free. This means that an IVA can write off up to 75% of your debts.

Settlements

In some circumstances, creditors may be persuaded to accept a one-off, lump sum payment, which is less than the total amount owed, in return for writing off the remainder of the debt.  Money usually needs to be available for this, and can be raised by re-mortgage for example.

Mortgages & Re-mortgages

Many people in debt may have equity in their property. A re-mortgage may be an option to raise funds for the repayment of debts on a reduced settlement basis. No matter how poor your credit rating, even if you have already entered into an IVA or Bankruptcy, our mortgage partners can do a mortgage 'health check' free of charge.