Debt Settlements

Clear unsecured debts with a Settlement arrangement from Baines & Ernst

A Settlement is a financial solution that allows you to repay unsecured debts in one reduced payment. This means you can repay and clear your unsecured debts immediately, as opposed to entering into a Debt Management Plan or Individual Voluntary Arrangement, which can last for several years.

A Settlement arrangement depends on your personal circumstances and is subject to creditor agreement.

If you find yourself in a position to repay your debts, Baines & Ernst could help you settle these debts and save on the total amount due.

Save money on the total amount due

With more than 10 years’ experience in providing debt management solutions, we have forged excellent relationships with many UK creditors. This means we’re in a strong position to negotiate reduced repayments for our clients.

If creditors agree to a final settlement at a reduced rate, then they are agreeing to write off a proportion of your debt.

The statistics:

• Since 2008, we have saved our clients over £2.5 million
• In 2010, we saved our clients over £500,000
• Estimated savings of up to 40% of the balance

Could you clear unsecured debts with a Settlement?

Settlements are suitable for people who have received a lump sum and want to use this money to clear unsecured debts.

You could repay unsecured debts if you have

• Received inheritance
• Re-mortgaged
• Taken out a secured or unsecured loan
• Received a work bonus
• Sold your home
• Cashed in a pension or life insurance policy
• Received an injury claim
• Received a windfall
• Financial help from your family

How a settlement works

If you’ve been fortunate enough to receive a lump sum and want to repay your outstanding debts – and save money on the total amount repaid – speak to Baines & Ernst.

Using the relationships we have built with creditors, our experienced advisors will want to negotiate a lower repayment value on your behalf – helping you move towards a future free of unsecured debts as quickly and smoothly as possible.

A Settlement depends on your personal circumstances and is subject to creditor agreement. If your creditors agree to a final payment at a reduced rate, then they are agreeing to write off a proportion of your debt.

Baines & Ernst charge a fee for providing the Settlement service. Details will be provided to you in advance.

Your credit rating

A Settlement will be classed as a satisfactory arrangement with your creditors. However, if a Default Notice, CCJ or any other type of court action is taken against you, it will remain on your credit file for 6 years.

Once paid, creditors should make the debt as ‘satisfied’; therefore any future searches on your credit file should show that you have dealt with your debts successfully.

For advice on paying off and clearing debt, speak to the experts at Baines & Ernst.