DEBT AND MONEY
Are you debt? Don’t panic! We at Prime solicitors can advise and assist you with your debt issues. Our advice and assistance ranges from;
How to sort out your debts
Priority debts includes mortgage or rent arrears, gas and electricity bills, council tax arrears, court fines, arrears of maintenance, income tax and TV license arrears. Non- Priority debts includes benefit overpayments, credit debts, water and sewage charges, student loans, money borrowed from friends or family and parking penalties issued by local authorities. Our debts specialists can assist you to sort out how much you owe, prioritizing your debts so that the most urgent ones are tackled first.
How to dispute a debt
Before you can dispute a debt from a lender, there are several questions to ask, did you sign a credit agreement? Are you under 18? Young people can’t be held legally to a contract as they are under age hence they cannot be taken to court for debt. Are you a guarantor? Did the lender follow the proper procedure? If not the lender may not be able to force you to pay back the debts. Has the limit for recovering the debt run out? If the lender does not get back to you within six years, you will have to seek specialist debt advice before proceeding with the issue. Our debts specialist will guide you through these questions, so that you do not pay debts that you do not owe.
Our debts specialist will advise you on how to work out your budget; you would need to work out how much money is coming into your household and how much you need to spend, this can be done by listing your income and expenses
Changing a court order for debt
You can ask to change a court order if you cannot afford to keep up the payments ordered by the court. If you have some money and can afford to pay the debt off in instalments, you need to fill in court form N245 to apply. This is called an application for an Instalment Order. If you can’t afford to pay anything at all, you should apply to get the order changed using court form N244. This is a general application form. You’ll need to explain on the form why you now can’t afford to make the payments. Our debts specialist can assist you in making this application to court.
Are you bankrupt? Or has someone applied to make you bankrupt? There are several advantages and disadvantages of bankruptcy, our debts specialist can provide you with assisted information.
Debt management plans
Is DMP right for you? A DMP is an informal agreement between you and your creditors for paying back your non-priority debts. Non-priority debts are things like credit cards, loans and store cards.
Debt relief orders
A debt relief order is an order you can apply for if you can’t afford to pay off your debts. It’s granted by the Insolvency Service and is a cheaper option than going bankrupt. There are certain conditions you are required to meet in order to apply for a debt relief order. Our debts specialist can offer you more detailed assisted information.
We also provide assistance on mortgage arrears and repossession, restriction orders, secured and unsecured loans and statutory demands.
d repossession, restriction orders, secured and unsecured loans and statutory demands.