The road to managed debt
By Mr Bankruptcy
27th May 2020
Many businesses are trying to adapt to new ways of working during lockdown and for those which are also managing existing debts, this additional burden is taking a toll. For many, lockdown is exacerbating debt problems and it can be hard to know what to do next.
Managing debt is like completing a journey. It takes time, there are inevitably choices to be made between different routes and there will be bumps in the road. One client of ours, whose journey illustrates this perfectly, is a tradesman with debts of more than £400,000.
A case study in debt management
Our client needed to negotiate full and final settlement with 51 creditors. However, just after he engaged the services of James Rosa Associates, one creditor issued a statutory demand. This is a written warning that court proceedings will be started unless the debtor doesn’t pay a debt or come to another acceptable arrangement. This could have led to bankruptcy.
We continued to negotiate with all our client’s creditors for months but when he was unable to secure funds, a negotiated settlement wasn’t possible. Eventually one creditor petitioned for our client’s bankruptcy, which our client didn’t fight. We then supported him though the bankruptcy and afterwards, until he was discharged from his debt with a complete write-off for his debts.
Our client’s experience illustrates how debt management is rarely straightforward and can take considerable time to resolve. When you think you’re on track, you suddenly find yourself knocked off course and have to navigate a new path.
Discussing his experience, he says of James Rosa: “It helped so much with you contacting my creditors keeping them aware of my circumstance. When the only choice was bankruptcy, helping me fill in all the forms for the Official Receiver and coming with me to all the meetings, it really was a great help knowing you were there and you will be there for the next 12 months for me.”
In it to the end
Not knowing what options may be available to resolve debt makes your situation look out of control. We stay beside our clients each step of the journey. We understand that this goes beyond just providing debt solutions. Our client went on to say: “…thank you and your company for the comfort and support that you gave me after the failure of my business and my subsequent bankruptcy…”
My personal experience in dealing with my own debt enables me to understand clients’ journeys and the importance of how we deliver our service as well as the actual advice we provide.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive, non-judgemental and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or are 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.
Discover if you qualify for a free consultation
If you want 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.