Supporting you to take back control of your debts

By Mr Bankruptcy

21st June 2019

Taking back control when you are in a debt situation that you feel is out of control and overwhelming is a crucial step. Working with people to help them understand their situation and to empower them to make decisions about their options is integral to our debt advice approach as debt counsellors and debt adjustors.

A case study: being empowered to make a choice

We recently supported an individual who had personal debt totalling more than £116,000 as well as a breakdown of his marriage. Our analysis of his situation showed that bankruptcy was the best way to deal with the debts. However, the client did not want to take this path, feeling he had the earning potential to repay his creditors.

We therefore negotiated settlements and smaller interim payments with his creditors, agreeing he would repay debts if he could generate the necessary income. If this didn’t happen, we would then support him through bankruptcy. In the end our client was not able to generate the income he’d hoped for so we then supported him throughout the bankruptcy process, including attending court with him.

We remained on retainer until bankruptcy was discharged and within six months were also supporting his wife through her bankruptcy. In the end we were able to get £116,311 of debts written off.

Partnering our clients

At James Rosa Associates we work with clients enabling them to make informed choices about how they address their debt situation. We go through an extensive consultation process called “Tailored Financial Reconstruction™”, taking the time to understand fully how they arrived at their situation and what their longer-term objectives are. This is essential to make sure that the options we present will suit their needs now and in the future.

There is no “one size fits all” solution when it comes to debt advice. Each approach has its advantages and disadvantages and the impact these can have will vary depending on individual circumstances.

Only once we fully understand our client’s situation do we provide them with detailed information about possible solutions. It’s integral to how we work to keep clients fully appraised of their options so they’re more confident about making decisions going forward.

We do make our recommendations but the decision on the next step is ultimately our client’s as they take back control of their situation. The client I describe above was able to make those choices and, as is often the case with debt solutions, when the situation changes so do the options but we were there to support, advise and take action throughout on his behalf.

James Rosa Associates

James Rosa associates is a firm of debt counsellors 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

● Civil and Commercial Mediation

Find out if 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.

Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.