We're Here to Help

We are a financial solution company based in Sale, Manchester and are commited to providing our clients with the best quality debt management advice. No matter what your level of debt is we're sure our friendly, professional team can help you find a debt solution that is right for you. A debt solution could potentially help you more than half your debt repayments, so why not call our debt specialists today for an easy, no obligation consultation. There are no hidden fees, we're simply commited to helping you!

An IVA (Individual Voluntary Arrangement) is an agreement whereby you pay your creditors a set amount each month that you can afford, the rest of the debt is written off. It's most appropriate for those who have debts of more than £8,000 and cannot afford to meet repayments, who see missed payment charges incurred, interest increasing and their debt spiralling. However, the advisor will be able to shed more light on this and discuss whether it is the right option for you. We can tell you, without obligation, how best to get on a stable financial footing. Figures currently show that people in the UK have an average debt of £27,871.13 and no matter how much you are struggling, an IVA will help with your unsecured creditor payments you are struggling with.


Making an Informed Decision

Advantages Disadvantages
Creditors who vote against your proposal are still bound by it Your IVA is entered on a public register
Creditors whose lending is unsecured can’t take any further action The insolvency practitioner may require payment in advance for preparing your proposal
Your insolvency practitioner will help you prepare your proposal If your circumstances change, and your practitioner can’t get creditors to accept amended terms, the IVA is likely to fail
You make only a single payment each month or quarter If your IVA fails, you may be made bankrupt
On completion of the IVA, the balance of what you owe your creditors is written off If there is some equity (value) in your home after taking account of the mortgage(s) on it, you will probably have to pay for your share, usually in the fifth year of your IVA, by remortgaging the property
Creditors may not approve the arrangement
Your credit file will be affected for a period of 6 years

For further information and a comprehensive overview of the advantages and disadvantages of this solution, please visit our dedicated page for IVAs.


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A trust deed is an agreement with your lenders that could help you if you don't think you can afford to repay everything you owe. You agree to repay as much as you can towards your unsecured debts - normally for four years - and at the end of that time, any remaining unsecured debt is written off. During your trust deed, you'll also be protected against further action from lenders included in the agreement - so they won't be able to make you bankrupt or demand higher payments.


Making an Informed Decision

Advantages Disadvantages
Reduce Hassle from creditors It will affect your credit rating
Financial stability in 48 months* You may have to sell or remortgage
Only your disposable income will be used to pay creditors Only unsecured debts are covered
Able to negotiate terms It will be advertisied in the local press, but only could be found if someone knows look
If you're a business, carry on trading Creditors will be able to pursue you for any new debts
Creditors may not approve the trust deed
Your credit file will be affected for a period of 6 years

For further information and a comprehensive overview of the advantages and disadvantages of this solution, please visit our dedicated page for trust deeds.


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Sometimes, there’s simply no way to repay what you owe in a reasonable time. If your debts are particularly high and / or your income is low, you may need to think about declaring yourself bankrupt. Like an IVA (Individual Voluntary Arrangement), bankruptcy is a form of insolvency: it’s a legal process that will share out your assets fairly among your creditors, protect you from further legal action and upon successful completion (normally after 1 year), write off your outstanding debt allowing you to make a new start.


Making an Informed Decision

Advantages Disadvantages
Debts are written off, with certain exceptions explained below Your bankruptcy is entered on a public register and is advertised
Creditors can’t take further action unless the debts are secured on your home or other property Your employment may be affected
It allows you to make a fresh start after oAnly a year You will remain liable to pay certain debts
You may be able to avoid having to sell your home if your spouse, partner or a relative can buy your share of its value after any debts secured on it have been paid Any business you have will almost certainly be closed down
On completion of the Bankruptcy, the balance of what you owe your creditors is written off If you apply to the court for your own bankruptcy, you will have to pay a court fee and deposit totalling £680
Your credit file will be affected for a period of 6 years

For further information and a comprehensive overview of the advantages and disadvantages of this solution, please visit our dedicated page for bankruptcy.


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Our Process

expert advice with no hidden fees

Browse

Browse our various debt solutions and gain a better understanding of the options available to you.

Contact Us

When you think you've found a solution that fits your situation, contact us to discuss your options with one of our debt specialists.

Payment Plan

Once you are happy we've found the solution for you our team will work out a plan tailored to your financial situation.

Creditors

When you're happy with our proposed debt solution, sit back and let our team deal with your creditors for you.

Contact Details

Promethean Finance Ltd
Dunham House
Cross Street
Sale
Cheshire
M33 7HH

P: 0161 3933316

E: enquiry@prometheanfinance.co.uk

H: Monday - Friday: 10:00 AM to 7:00 PM