- What are Grant Thornton Debt Solutions’ fees?
Our fees are calculated depending on your affordability. Unlike our competitors, we do not charge any upfront fees for the advice that we provide. However, we will charge a fee when your case is approved. This will be taken from your monthly contribution to your arrangement before it is given to your creditors. All fees are pre-agreed by your creditors and are fully transparent.
We will not charge a fee if your case is not approved.
- Do my creditors have to agree to my arrangement?
No. Your creditors have the right to reject that arrangement we propose to them. As part of the process, we negotiate with each creditor individually. We hold a creditors meeting to give each creditor the opportunity to accept or reject the offering. During this time in the process, we will negotiate the best possible outcome for you to consider.
If your Personal Insolvency Arrangement (PIA) is rejected, it may now be possible to appeal this decision if we believe the creditor’s decision has been unfair or unreasonable.
- Do I have to go to court?
No – we do all of that work for you. At no stage in the process will you be required to make a court appearance.
- When do you talk to my creditors?
As part of the personal insolvency process, we make an application to court for a protective certificate. This certificate prevents your creditors from contacting you for a period of time to allow us to negotiate a settlement for you. As soon as we have a protective certificate in place, we will send a notice along with your proposal to each of your creditors. In urgent circumstances, we can make contact with your creditors before this stage, if required.
- How long does my arrangement last?
Generally, a Personal Insolvency Arrangement (PIA) will be six years and a Debt Settlement Arrangement (DSA) lasts for five years. However, in some cases the arrangements can last for as little as 6 - 12 months. Each person’s circumstances are different so when we are assessing your situation we will give you all of your options.
- What will happen to my credit rating
Most people applying for an insolvency arrangement will be at the point whereby the debts they have already seriously damaged their creditworthiness. From the time that
your arrangement is approved this will be registered with the credit bureau as an ‘Arrangement to Pay’ and will, therefore, start to improve your credit rating.
- Will I be able to obtain credit again in the future?
Yes, once you have satisfied your arrangement you can apply for credit again if you wish.
- Will this affect my job?
Usually it won’t affect your job, but as per your employment contract you may need to make your employers aware if you are insolvent. At no stage of the process will we be in contact with your employer. As part of your assessment, we will discuss if it is likely to have an impact on your current role.
- Can I be a director of a limited company?
Personal insolvency does not preclude you from being a director of a limited company.
- Can I keep my house?
The spirit of the legislation is to keep people in their family homes wherever possible. We will look at all options to enable this to happen, but sometimes this is not possible due to a few factors, such as affordability and the house being too big for your needs. We will work with you as best as we can to try and keep you in the family home, if possible. This may require us restructuring the mortgage e.g. term extension, split mortgage, reduced interest rate, negative equity written off etc.
- I have a repossession hearing coming up is it too late to save my home?
No, if you have a repossession hearing coming up and your home is at threat please contact us straight away. We will hold an urgent appointment and ensure your case is fast tracked. We will also provide a letter for you to take along to court explaining that you are currently seeking help and request that the hearing is adjourned in order for us to get a suitable arrangement in place.
- I have equity in my family home will I still qualify for an arrangement?