PERSONAL DEBTS.........

Financial problems can cause a vast amount of emotional stress, it can put a strain on families and it has even been cited as the reason for many relationship breakdowns.


Many people are ashamed of debt, they hide their problems from their loved ones in the hope that it will somehow vanish; burying their head in the sand is only a short term solution. It is difficult to hide from your family when bailiffs are knocking at the door! Tackling debts head on is the only way to deal with them and as the old saying goes “a problem shared is a problem solved”!

The first step is to do a good old fashioned budget, write down all the household incomings and outgoings (not including debts) and see where cuts can be made, the amount you can afford to pay to your creditors is the figure left when you deduct your outgoings from your income.

Pure Financial Management understand that it can be quite daunting to attempt to try and negotiate with your creditors, if I am honest most creditors do prefer to deal with a third party as this proves that you are serious about clearing your debts. Pure Financial Management specialise in offering a debt consolidation plan, not dissimilar to a debt management plan but it has a term and once your term is ended you are debt free!

Pure Financial Management understands that everyone’s situation is different; our account managers are specially trained to find a solution that is right for you. You can apply online or over the phone. We also appreciate that many of our clients work and are busy therefore we offer an email support.

If you would like more information or for an informal chat please do not hesitate to contact Pure Financial Management on 0800 4 96 95 94

PURE DEBT SOLUTIONS APPEAR TO BE UP TO OLD TRICKS!

It looks like Pure Debt Solutions are up to old tricks!  This time they appear to be making unsolicited cold calls to individuals.  If you have stumbled across this blog whilst searching for information on Pure Debt Solutions then I recommend that you report the company to TPS (Telephone Preference Service) - they can be contacted on 0207 2913320 - although the calls are annoying try and take as many details as you can about them (such as address, telephone number) as this will help TPS take action.

Tenable Solutions Limited does run a debt management company called Pure Financial Management but we do not have an outbound sales team.

Last year we had calls from worried individuals who had paid money to Pure Debt Solutions for a Debt Management Plan which didn't exist, it appears now they are looking for new clients with their abhorent sales techniques!

If you do have concerns about personal debts and would like some friendly, impartial advice then please do not hesitate to contact me.

0800 4 96 95 94 or EMAIL

TENABLE SOLUTIONS LIMITED

Tenable Solutions Limited was formed to help businesses who are struggling with financial pressures; the aim is to recover the business and effectively turn it around. We spend a lot of time trying to improve our services and we have ascertained that business believe their problems worsened because they did not know where to turn for advice. Frighteningly many are members of organisations such as The Federation of Small Businesses and The Chamber of Commerce. Although these organisations have "legal helplines" etc the information that they have received has not been adequate or tailored to their individual issues. It became evident there was clearly a need in the business world, this is where Tenable Business Support Service was formed. The service offered far out rivals any from other organisations and membership costs just £25 per month - with a discount for annual membership.

Many of our clients have personally funded their businesses during the current economic climate - this has led to large credit card bills and loans which they are struggling to pay. Pure Financial Management is a debt management plan which can take away the stress from creditors and enable the client to make lower monthly payments. Although initially this was formed to help business people, Pure Financial Management can help ANY individual with debt problems and alleviate the stress and worry that debt can cause.

Many of our clients at Tenable Solutions Limited have problems with bad debts owed to the company. Many of them have tried to collect these debts but failed, this of course then has a knock on effect in their business. Tenable Debt Collection uses effective debt collection methods.

Another string to our bow at Tenable Solutions Limited is Tenable Accountancy, this is a service designed to help sole-traders, partnerships and small Limited companies with all their accounting issues.

If you would like to discuss any of the issues above then please do not hesitate to contact me:-

EMAIL or call 0800 4 96 95 94

DEBT ADVICE NOW FOR SCOTLAND

Tenable Solutions Limited are now able to offer advice for companies / individuals in Scotland. There are small differences in the law that covers Scotland and these affect the solutions that you are offered for your problem.

It is uncommon for a company to offer advice to Scotland as well ad England and Wales but we have a qualified and dedicated team who can provide expert debt advice for Scotland as well as England and Wales. We understand the differences in the law and can advise the best possible route for you based on your personal circumstances.

LILA

LILA is a similar to the Debt Relief Order which came into force in England & Wales in April 2008. In a nutshell it is a new route to bankruptcy for people who have a low income and negligible assets and reside in Scotland.

LILA is a solution for people who are unable to clear their debt because they are unable to repay their debt within a sensible timescale this being because they are on a minimal income and have no assets.

LILA is granted by the Accountant in Bankruptcy if you meet the strict criteria. The current cost to apply for bankruptcy via LILA is £100.

The current determining criteria for LILA is:-

• Earning less than £229.50 per week for 40 hours (if you receive income support, job-seekers allowance, working tax-credits then you will be treated as meeting the low income text even if your weekly income is more than £229.50)
• Do not own one single asset worth more than £1,000 and total assets worth no more than £10,000
• Not able to meet your current repayments and charges
• Have debts over £1,500

As with everything relating to debt there are pros and cons - every one's situation is different. If you would like to find out more about LILA then please do not hesitate to get in touch.

Protected Trust Deed

A Protected Trust Deed is similar to an Individual Voluntary Arrangement (IVA) in England & Wales. Unlike many other financial solutions it offers flexibility, affordability and protection from creditors.

If you enter into a Protected Trust Deed, you make one affordable monthly payment to an Insolvency Practitioner (IP); they then distribute this to the creditors. the IP also deals with the sale of any significant assets that you may have and again this would be distributed to your creditors.

Some of the advantages of a Protected Trust Deed Include:-

• Interest and penalty charges will be frozen
• Repayment is set at what you can reasonably afforded and this is all you will pay
• All correspondence and queries from your creditors will be dealt with by your Trustee (IP)
• All pressure from your creditors will stop
• After completing a protected Trust Deed (normally 3 years), you will be ready to start afresh financially

If you would like discuss Protected Trust Deeds then please do not hesitate to contact our experienced and knowledgeable staff.

Sequestration

Sequestration is known as "bankruptcy" in England & Wales.

It is imperative that prior to Sequestration you seek advice; sometimes another option may be better suited to your situation such as LILA or Protected Trust Deed.

The key advantages of Sequestration are:-

• Income and benefits will be your to keep
• Your creditors will no longer be able to pursue you or take action against you to recover what you owe
• You will not have to make further payments to your creditors BUT you will have to pay any surplus income to your Trustee
• You can Expert to be discharged after 3 years

With everything there are disadvantages. The disadvantages of Sequestration are:-

• If you acquire any money (wages and pension proceeds excluded) or property after the dates of your Sequestration and before the date of your discharge, you may have to surrender these to you Trustee.
• If you are in paid employment, you may have to make a regular contribution to more than one year.
• If you own any valuable assets (including endowment polices) these will have to be sold.
• It is deemed unlawful to incur credit of more than £500 whilst Sequestrated unless the lender is aware that you are an undischarged bankrupt.
• You are not allowed to start up or be in voled in the day-to-day management of a Limited company.
• You are not allowed to act as a member of Parliament and there are certain other restrictions, such as acting as a member of any school board or local council etc.
• Sequestration will be advertised in the Edinburgh Gazette and may be noted by credit referencing agencies.
• You may have difficulties in obtaining credit after your discharge.

Every one's individual situation differs and so does our advice. With a few simple questions we will be able to advise you on the best option to suit you.

If you would like to discuss Sequestration please do not hesitate to contact us.

Debt Management Plan

A Debt Management Plan is the same in Scotland as it is in England & Wales. It should be viewed as a short-term debt solution and is an informal arrangement with your creditors.

It is an ideal solution for someone who needs to reduce their monthly repayments in order to get their finances back on track. The Debt Management Process begins by assessing your income and expenditure - once this has been done it the becomes clear how much money you have "spare" each month to pay your creditors.

We then negotiate on your behalf with your creditors to accept a lower monthly payment. Once this has been done you pay your monthly payment to us and we then distribute it to your creditors on your behalf.

The advantages of a Debt Management Plan are:-

• Relives creditor pressure
• We manage your monthly payment therefore you pay one simple, affordable payment
• In many cases your interest can be frozen or reduced
• There are no penalties for cancelling the plan at anytime

If you feel that you would benefit from a Debt Management Plan or would like to discuss your options then please do not hesitate to contact us.