Problems with Debt

J W Hughes & Co have a contract to advise people in relation to debt matters. We are one of the very few firms in North Wales to have such a contract and it is maintained and developed with a view to providing our Clients with an all-round service, no matter what their problems are.

If you have been unfairly or wrongly dismissed by an employer, you may be entitled to compensation. Contact the Partner in charge, Mr. Graham Parry, of our Conwy office, who will advise you on the possibility of taking such matters to an Industrial Tribunal. We are often able to undertake this work on a “Contingency Fee” basis, which means that you will not have to pay a penny unless you win, when your costs will be paid out of the sums recovered for you.

Debt Problems are nothing to be ashamed of. Over the past 20 years the level of consumer debt in this Country has escalated dramatically. Consumer debt within the Country stands at 878billion, the average adult in the UK having £5,000 worth of unsecured debt outstanding.

Much of the unsecured debt is concentrated in the credit card industry and recent research shows that over 2million credit card holders struggle to pay the monthly interest on their account and always maintain a debit balance. The Financial Service Authority estimate 6million households have money problems.

Dealing with Debt

Much of the unsecured debt is concentrated in the credit card industry and recent research shows that over 2million credit card holders struggle to pay the monthly interest on their account and always maintain a debit balance. The Financial Service Authority estimate 6million households have money problems.

When the pressures on an individual to pay debt become too much they have 3 options:

•  They can either consolidate those debts. This means that they can contact the Debt Consolidator who consolidates all their existing debts and allows the debtor to pay in one affordable monthly payment. That however usually means paying the creditor for a very long period of time.

•  The second way is to contact the various creditors and enter into an arrangement known as a voluntary arrangement and if a person has proceedings in the County Court, one can obtain an Administration Order from that Court.

•  The third option is bankruptcy. On 1 st April 2004 there were new Bankruptcy Laws in place which makes it easier and quicker for a person to go bankrupt. If you yourself wish to go bankrupt, you would have to pay £250.00 bankruptcy costs plus a Court fee of £140.00. However, you should be aware that if made bankrupt, although your debts are written off, the fact that you have been made bankrupt will be logged and will serve as a warning in the future to people who wish to deal with you and may make obtaining credit and mortgages more difficult.

Our debt work is overseen by Mr Graham Parry, a Partner with 17 years experience, who would be happy to assist in relation to any debt problem.