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We regularly focus on our Resolution and Corporate Services in the Bell & Company blog posts but our Bankruptcy service is key to many distressed borrowers across Northern Ireland. It would seem the UK as a whole has learnt little from the so called credit crunch with some rather alarming figures recently released. Currently in Britain there is £61billion of debt. One in four, or four million people, have credit card accounts with arrears on them. UK Mortgage lending has reached pre 2008 highs with many borrowers taking advantage of ultra- low interest rates.
Much of our previous focus in posts has been about the rise in interest rates. There is numerous conflicting views in the press when interest rates will rise. It seems something always comes up when the opportunity presents itself to the Bank of England. Nonetheless, rates look set to increase in the United States and typically the United Kingdom follows suit. Whenever the rise occurs many borrowers will fall into difficult when all of their credit commitments increase. In all likelihood we will see and influx of resolution clients and unfortunately those who require our Bankruptcy services.
At Bell & Company we take pride in offering Independent Insolvency advice tailored to your circumstances. Our Bankruptcy service has assisted numerous borrowers who had unsustainable debts. A lot of people are nervous regarding the process but our advisors have years of experience in assisting clients through the entire process. Rest assured we will be with you at the relevant hearings and ensure all paperwork is completed correctly.
Despite the negative assumptions surrounding Bankruptcy it can “clear the decks” allowing you to start again. Providing you understand the full ramifications of the process and what will and what won’t be affected it can be useful tool for over extended borrowers. Many who approach Bell & Company have questions regarding assets and Banking – we can answer all of these in our Free initial consultation.
If have over extended on credit or know someone suffering from debt pressures in whatever form then please call the team on 02895 217373 to arrange a Free initial consultation or introduce a client. We look forward to hearing from you.