Just Debt Services

Ok, so my debts are paid off and I have some money left over, what can I spend it on?

Anything you like. There are no restrictions on this money, it’s yours to do as you please.

Please clarify how your charges are calculated?

We will only charge you if we succeed in re-negotiating your debt to a lower level. Our charges are between 10% and 20% (according to circumstances) of the amount by which we reduce the debt. There is no VAT payable on our charges.

For example, if you have debts totalling £15,000 and we renegotiate these debts to £10,000 then our fee would be between £500 and £1,000.

What happens if you re-negotiate some of my debts downwards but not others?

We would then only charge our fee on the debts that have been reduced.

What happens if I am not satisfied by the amount of the reduction and do not go ahead?

If you are not satisfied with the amount of re-negotiation then there is no obligation on you to proceed and no monies or costs are payable either to ourselves or the solicitors. You will, of course, in these circumstances remain liable to the various debts that you have and will have to deal with these yourself.

What if I am not happy with the terms of the secured loan or remortgage that you suggest to me?

In these circumstances, again you are not under any obligation to proceed and are not liable to pay any costs to ourselves or the solicitors.

What is a remortgage or secured loan and what is the difference between them?

They are both loans which are secured on your property. A remortgage is where you obtain a new mortgage for a higher sum which also repays your existing mortgage and raise further funds. A secured loan is a new loan entirely which is secured against your property but is second in priority to your existing mortgage.

**Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it

Why must the loan be secured on my property?

Because the only terms any lender is prepared to deal with a loan of this nature is on a secured basis. An unsecured loan would simply not be available in a debt renegotiation agreement of this type.

I cannot understand how the solicitor’s fees are calculated.

The solicitor charges a flat fee of £100 plus VAT plus £25 plus VAT for each secondary debt repaid. For example, if the solicitor discharges three separate debts his total bill will be £175 plus VAT.

If I do not wish to go ahead with the agreement will I be liable for any costs at all?

You will not be liable to pay any costs to our company or to the solicitors. The only circumstances in which you would have anything to pay is if you had at some stage accepted the new loan and paid in advance a survey fee or arrangement fee and had then decided not to proceed.

How will I afford to pay your fees and the solicitors fees?

Our debt renegotiation and the negotiation of the new loan will ensure that you have enough money from the proceeds of the new loan to pay both our fees and the solicitor’s fees and you will not have to find any new money yourself.