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    Mediation as a cost-effective alternative to insolvency litigation

    By Mr Bankruptcy

    31st July 2019

    When the exemption for insolvency practitioners from the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) ended in April 2016 it helped reiterate the importance of the role alternative dispute resolution in reaching a settlement.

    The impact of LAPSO

    LAPSO removed the no-win no fee arrangements that meant the uplift charge on legal fees under a conditional fee agreement and the premium on an “After The Event” insurance policy for successful claims could no longer be recovered from the opponent as part of insolvency litigation. It would now be the claimant who was liable for costs. There was a concern that this would deter insolvency claims.

    The reality has been that when determining costs to be awarded, the courts will always have regard to the efforts made by parties to try to resolve the dispute prior to starting court proceedings and the reform has highlighted the benefits to claimants of trying alternative dispute resolutions before risking the cost of full litigation.

    Alternative Dispute Resolution

    In an attempt to seek settlement without the means for court proceedings there are several alternative dispute resolution pathways that insolvency practitioners can employ, including arbitration, negotiation and conciliation. One of the most common approaches to resolve disputes is mediation.

    Mediation

    Conducted by a professional mediator who is neutral to all parties, a mediator’s role is to assist in disputes to enable parties to negotiate their own settlement. This approach to dispute resolution has several advantages:

    • Reduces the timescales to resolve disputes
    • It’s cost effective by avoiding the fees associated with court proceedings
    • Provides an outcome more acceptable to all parties as they are all party to the decision-making, rather than receiving a judgement passed down
    • Helps maintain a constructive relationship between parties and reduce acrimony

    Debt advisors will always seek to ensure the best outcome for those they represent and alternative dispute resolution can be an integral approach to this. The fear of possible court proceedings and their associated costs should not deter you from seeking advice and support because there is likely to be an alternative way to reaching an acceptable outcome.

    James Rosa Associates

    James Rosa Associates is a firm of debt advisors and debt adjustors.

    With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes.

    Our services include:

    ● Insolvency support

    ● Negotiated settlements

    ● Personal assisted bankruptcy

    ● Mediation

    We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.

    Do you qualify for a free consultation?

    If you need to deal with unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.

    Eight common mistakes to make when you’re in debt

    By Mr Bankruptcy

    12th July 2019

    When you are in serious debt it’s important to remember that with the right approach, there is always a way to address the situation.

    To help you make a start, it’s also important to know what to avoid doing in order to prevent your debt situation from getting worse. Here are some of the more common mistakes I see people make:

    1. Continuing to spend as you were: Your spending habits should be one of the first things you consider. Look at cutting back and removing expenditure altogether in order to reduce the rate at which your debt increases and to help generate money to start paying it off.

    2. Trying to clear debt without a plan: Take the time to understand the debts you have, the interest rates or fees associated with them, terms of repayment, etc. With a comprehensive list of debts, it’s easier to understand priorities and devise a plan of action, keeping you focused and motivated to get out of the problem.

    3. Paying off all debts equally: Take into account varying interest rates and address priority debts first. Some debts also have more serious consequences than others. Understanding the debts and the terms associated with them will give you a sense of which need addressing first.

    4. Continuing to use your credit cards: Stop using your credit cards with high interest rates. If you open a new credit card to transfer a balance because of a lower or zero interest rate, be careful not to use this card for spending and increase your debt.

    5. Not saving: Not having money put aside for emergency expenditures can cause more debt as you have to use credit to make an unforeseen payment. Try to keep saving some money for a rainy day.

    6. Signing up to a debt solution without understanding the implications: There may be several options to clear debt but ensure you understand them and any consequences associated with each. All debt management solutions have their pros and cons, depending on circumstances and you should be aware of any long-term implications.

    7. Ignoring demands: While you ignore your debts they are growing and you will lose visibility of what’s happening. Open your bills, statements and letters, read them and feed this information into your plan for managing debt.

    8. Not seeking help: Getting expert advice will help you understand your options and help define the path ahead, ensuring it is tailored to your circumstances. Talking to close family and friends will also help provide emotional support when times are particularly stressful, especially if they’ve been through a similar situation themselves.

    Debts can seem overwhelming but with the right advice, planning and support you may be surprised how effectively you can manage them and take back control.

    James Rosa Associates

    James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes.

    Our services include:

    ● Insolvency support

    ● Negotiated settlements

    ● Personal assisted bankruptcy

    ● Mediation

    We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.

    Do you qualify for a free consultation?

    If you need to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.

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