Easierdebt - Making Life more affordable

Bankruptcy

Easierdebt are a company dedicated to making your debts more manageable each month.

"Combine your debts into one affordable monthly payment with our Debt Management Programme."

At Easierdebt, we understand debt. We know how easy it is to slide into unmanageable debt, but most importantly, we know how to get you out of debt.

Request a call back

Name:

Phone Number:

I want to talk about:

Approx. debt:

Time To Call:

How did you hear about us?:

Debt Advice - Call now on 0845 373 4062

What is bankruptcy?

You should consider bankruptcy if you have substantial debt that you will never realistically be able to clear. In most cases, bankruptcy should be a last resort, as you will face stigma, possible job loss, liquidated assets including your property, loss of office and a chronic credit record.

Is bankruptcy right for me?

Yes, if you have considered all the alternatives and decided you still have no realistic chance of clearing your debt.
No, if you have not considered the other options for repaying your debts.

As a last resort, you can petition for your own bankruptcy at your local county court. The cost for a personal bankruptcy petition is £485. If you receive means tested benefits, you may be exempt or able to pay a reduced fee.

Normally people would only voluntarily declare themselves bankrupt if they had few or no assets to protect. There are certain assets that are excluded from bankruptcy, such as personal possessions, household furniture, clothing, tools of the trade and certain pension entitlements.

If you have assets that are not excluded (such as equity in your property) then these will need to be realised and paid into your bankruptcy estate. If your assets need to be sold, this will be handled by an Insolvency Practitioner, who is appointed as the trustee in bankruptcy. Any assets you acquire during your bankruptcy will become the property of the trustee.

Depending on your earnings, your trustee may require you to make contributions to your creditors out of your income. The amount that is paid to creditors is determined by the amount that you can reasonably afford after your normal cost of living expenses have been deducted from your income. This is called an income payments order (IPO), and it will remain in force for three years from the date of bankruptcy. This means that even though you may have been discharged from your bankruptcy after one year, you will still have to continue paying your IPO for a further two years.

If you have had a bankruptcy petition filed against you, you should seek professional advice as soon as possible. If you have been made bankrupt recently, you may still be able to have the bankruptcy annulled in favour of an Individual Voluntary Arrangement (IVA).

Debt Management Plans Explaination of costs/fees and affect on your credit rating:

You will pay to us the first two monthly payments on the dates specified, this will be our programme set up fee and not paid to creditors.This charge is for our programme set up costs which include compiling financial statements, proposals to creditors in writing and phone calls. This may affect your credit rating and will put you further in arrears. Each month thereafter we will charge you 15% of the agreed payment amount or a minimum of £30.00. All fees charged are VAT exempt.

Insolvency Service: In Debt? Dealing with your creditors

Cooling off:

If you deem that the programme is not providing you benefit you are entitled to cancel at any time giving us notice. If the initial fee has been received, we will only refund this if the programme has been cancelled in writing within 14 days since receipt of this money and this period cooling off time to reconsider. If you wish to cancel your programme but the monthly
payment to your creditors has already been made we will be unable to refund any monies to you. You may cancel the programme at any time and be entitled to a refund of any monies held by us that have not yet been sent to your creditors in the form of a payment, minus the monthly management fee, which will be retained by us for work undertaken on your behalf.
You may cancel the programme at any time by giving notice in writing to us. Our authority to deal with your creditors will be rescinded. Your creditors may revert back to the original terms of your contract with them.