People encounter financial difficulties for many different reasons. These reasons can range from divorce to job loss; from student debt to overspending on credit cards and bad financial management.

There are many good sources of advice from books to debt counselling, but either the advice is very general or the interviewer may have limited time to deal with your specific concerns.

Whatever the reason and the circumstances, Benedict Mackenzie will help you to sort out your financial situation. We will look at your unique circumstances and work with you to come up with a solution that is tailor made for you.

Imagine the relief of knowing that you no longer need to worry; of having someone to help you to resolve your financial problems, someone who won’t judge you and in whose ability you can have complete faith.

There are a range of different options for people facing financial difficulty. Benedict Mackenzie will advise on the best one for you. This can include:

• Informal arrangement

An informal arrangement is an agreement that you negotiate with your creditors to pay back all or some of your debts over a set period of time. It is particularly appropriate if you cannot pay all of your bills at the moment but know that given time, you will be able to clear your debts in full. The disadvantage of reaching an informal agreement is that you do not have the protection of a Court ‘stay’ on creditors actions and rarely will creditors stop interest charges while you catch up with your debts.Benedict Mackenzie will discuss the benefits and disadvantages of this method with you and will help you to put this arrangement in place if it is the best option for you.

• Individual voluntary arrangements (IVA)

This is also an arrangement with your creditors to pay all or part of your debts over a set period of time, but this is a binding agreement approved by the court and giving you protection from your creditors. Interest charges will also cease. It does however affect your credit rating in the long term, as the arrangement is a matter of public record. However, it can be a very useful procedure for individuals whose ability to work would be adversely affected by a bankruptcy.Benedict Mackenzie will help you to apply to the Court for an order to stop your creditors obtaining County Court Judgements or a bankruptcy orders. We can also relieve the stress by dealing with your creditors and helping to negotiate the agreement on your behalf. Please refer to the Latest R3 standard terms and conditions which forms the basis of the majority of the IVA proposals prepared by us.

• Bankruptcy

Bankruptcy will free you from debts that you cannot pay, whilst enabling any money and assets that you own to be divided between the people you owe money to. Bankruptcy can carry some serious implications for you and is not the right option for everyone. In 2000, the bankruptcy procedure was revised and instead of a three year period, bankruptcies now only last for one year, however there are procedures for the period to be extended or shortened and you may still be required to pay amounts to your trustee after your discharge under Income Payment Agreements.Benedict Mackenzie will look at the implications of bankruptcy for you. We will look at your circumstances and which debts bankruptcy will and won’t free you from. If this is the right option for you, we will advise you on how to petition for your own bankruptcy, or on the process in the case of someone else presenting a petition.

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