Finance & Debt Advice

Get Financial AdviceGetting Financial and general money advice has been essential for most people over the past 10 years, especially since the 2008 financial collapse.

It is still possible to get many financial products such as a mortgage, loan or credit facilities however know where to go is where most people find it difficult.

Whether someone wants to save money, get a better mortgage, move house or solve their debt problems, they should always seek expert financial advice.

There is a difference between financial & money advice because one is about helping someone spend money while the other is usually about saving money.

Financial Advice

Whenever someone considers spending money on a financial product they should seek qualified financial advice to make sure they get the best deal available.

There are a lot of financial products available and the vast majority of people will take at least 2 – 3 of them within their lifetime.

A financial adviser can help save someone money, make the process smother and offer a peace of mind about what is being purchased.

Here are just a few examples of how financial advisers can help:

Mortgage

Since the recession began in 2008 there’s been less mortgages approved, however government scheme such as help to buy has improved the figures.

A mortgage adviser can help find the best lender to apply with, the best rate available and help save borrowers money over the period of the mortgage.

A mortgage loan will have a lot of legal definitions, term and conditions and jargon which a mortgage adviser will able to explain to a borrower.

Insurance

A lot of people now use comparison websites to help get them cheaper insurance policies but a financial adviser can also help tailor it an individuals needs.

It’s important when taking insurance people know exactly what they are covered for and anything which might make the policy invalid.

Loans

Much like getting a mortgage there has been a reduction in the number of people being accepted for personal loans since the 2008 recession.

A financial adviser can search the entire market for a loan company who will accept a borrower’s application with the best possible rate.

Debt & Money Advice

Get debt adviceGetting good, honest and fair debt advice is just as important as getting good financial advice because the consequences can be just as severe.

Most people don’t know what debt solutions are available or how they could save money to pay their credit commitments but there is help.

The standard debt solutions are,

Debt Management Plan (UK)

Repay the full debt over a longer period of time than originally agreed. A non formal arrangement so it can be changed by creditors at any time.

Debt Arrangement Scheme (Scotland Only)

The full debt will be repaid but it is a formal debt solution which guarantees to freeze interest and charges. Creditors cannot change the solutions once it begins so offers some protection.

IVA (UK exc Scotland)

An individual voluntary arrangement (IVA) is an insolvency debt solution which mean you may write off a percentage of the outstanding debt. Payments are made over a 5 year period and any other debt is written off.

Protected Trust Deed (Scotland Only)

Similar to the IVA above, however payments only last for 3 years and at least 10% of the debt must be repaid over the term of the debt solution.

Bankruptcy (UK exc Scotland)

Some people in debt often want to enter bankruptcy to write off their debt however this solution should only be used as a last resort. Once declared bankrupt an official receiver will monitor the finances, bank accounts and businesses of the bankrupt and could order payments be made.

Sequestration (Scotland Only)

Usually called Scottish bankruptcy because it’s similarities with the UK version of this insolvency debt solution. The only significant difference is the routes to enter sequestration in comparison to bankruptcy.

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