Atlantic Debt Solutions

Atlantic offers a full range of Debt Solutions to suit the needs and personal preferences of individuals and families facing unmanageable financial difficulties. See if any of these debt solutions might be the answer for you.

Debt Management Plan

Do you have more than £3,000 in unsecured debts? And two or more creditors?

• A Debt Management Plan’s greatest strengths are that it does not put your home at risk and that it is inherently flexible - adapting to your changes in circumstances.
• Designed to take the financial pressure off you and your family a Debt Management Plan (DMP) allows us to act as your Debt Advisor and negotiate with all of your unsecured creditors. With a DMP you are, in effect, making a new promise to repay your debts in full.
• It is an agreement negotiated by us between you and the creditors you owe money to.
• It is one monthly payment that you can reasonably afford, which will be distributed fairly to all your unsecured creditors.
• We handle all future contact with your creditors and manage your monthly payments to them, or their appointed debt collector.

IVA

Do you have more than £15,000 of unsecured debt?

• An Individual Voluntary Arrangement will provide you with a contractual agreement to repay your creditors at an affordable level over a set timescale (usually no more than five years)
• This will stop your creditors from chasing you for money or charging interest whilst the arrangement is in place and will protect your property from any legal action from your creditors
• Plus you will be able to write off a substantial amount of your debt legally at the end of the arrangement (depending upon your individual circumstances)
• Our Insolvency Practitioners cover all legal jurisdictions in the UK and have a 98% acceptance rate at creditors meeting, with over 95% of cases being successfully concluded

Protected Trust Deed

Do you live in Scotland and have more than £8,000 of unsecured debt?

A Protected Trust Deed is a formal and legally binding Debt Solution available to residents of Scotland. It is an agreement between an individual who is unable to pay their creditors in full and an Insolvency Practitioner (the Trustee), usually to accept a reduced level of repayment over a set timescale, typically 36 months (3 years).

Bankruptcy

Could Bankruptcy be the only option?

Atlantic can offer a Bankruptcy Assistance service if, following completion of your statement of affairs, it is believed this will be the best option for you.

Acting in your best interests is always a priority to us.

24 Hour Helpline: 0845 0 30 30 30

Important points to remember:

• Whilst lenders are not obliged to freeze interest and charges, in 89% of the cases currently handled by the Pentagon Group, lenders have done so*. Where a lender does not freeze interest and charges the amount you owe and the period over which you repay that credit account may increase, though we will continue to request interest and charges be frozen once several payments have been made to your Debt Management Plan (DMP).
  * Figure accurate at the end of June 2010
• Whilst entering into a DMP can adversely affect your credit rating it is our experience that those who approach us already have an impaired credit record. By entering into a DMP you will be showing your creditors that you are taking a responsible attitude to resolving your financial problems and this could help you in the future.
• Failure to adhere to the terms of a Debt Solution can result in further financial problems.