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Glasgow
+44 (0)141 221 2984

Edinburgh
+44 (0)131 225 6366

Stirling
+44 (0)1786 451745

Dumbarton
+44 (0)1389 765238

Hamilton
+44 (0)1698 459444

French Duncan

Blog

APRIL 2017 - FD Debt Solutions website has launched

We are pleased to announce that, after a few months of hard work, our new and refreshed website is finally live. We would like to thank everyone involved in the development and rebrand of our new website, especially GT4 web design team.

FD Debt Solutions provides comprehensive information about problem debt, insolvency procedures and debt relief options such as sequestration and trust deeds. It aims to help people with unmanageable debt by finding the best debt solution for them to take them forward to financial freedom.

The website is constantly updated with the new content, blogs and the most recent regulations. It is interactive and mobile responsive which means that it can be viewed on any device including desktop, tablet and mobile phone.

How is FD Debt Solutions different?

Our experience shows that people are often confused with the number of debt management and debt relief options available to them. The vast majority of our clients claim that information overload on the internet means that they are not able to identify which are reliable websites and ethical organisations online.

Our team of licensed insolvency practitioners has designed a website you can trust. FD Debt Solutions is dedicated to providing clear information about debt, bankruptcy and various personal insolvency options available to the residents of Scotland. It is constantly monitored by the industry leading insolvency professionals Eileen Blackburn, Brian Milne, Linda Barr and Judith Howson. This team plays a key role in trying to influence and develop the Insolvency regulation and landscape in Scotland by being part of the R3 technical committee, the ICAS technical committee, the Law Society Insolvency Committee and by being involved in the development of teaching and examination of the next generation of Insolvency Practitioners.

Debt Barometer

FD Debt Solutions features a Debt Barometer which shows different debt help options available, the results are based on the information provided. Please note that this is just an indicator and we recommend contacting our team for more in-depth advice and recommendations. There are various debt solutions available depending on individual circumstances and it is important to make an informed decision before committing to a particular debt solution. We offer free and independent debt advice to the residents of Scotland who want to improve their financial situation.

Our director of insolvency Linda Barr said: ‘People often seek our assistance having researched the internet and are set on a particular debt solution, however after discussing all options together with their own particular circumstances sometimes their initial option is not right for them and their own set of circumstances.  Our goal is to find the best solution for their personal situation and help them become debt free. We don’t charge for our advice but if our client decides to go for a Trust Deed or a Sequestration they pay a fee which forms part of their monthly contribution. We guide them through the process and advise them at no extra cost to them. Our goal is to provide people with clear and comprehensive information and help them achieve financial freedom’.

Are you looking for a personal insolvency advice?

If you are looking for a professional insolvency advice in Scotland visit our new website www.fddebtsolutions.co.uk for guidance and help. We have offices located all over central Scotland including Glasgow, Edinburgh, Hamilton, Stirling and Dumbarton. Simply give us a call and see how we can help.

APRIL 2017 - Will the 2017 Business Rates Revaluation result in an increase in business failures?

1 April 2017 saw a revaluation of business rates on non-domestic properties - this is a UK wide revaluation which will undoubtedly have an impact on existing Scottish businesses across all sectors and may deter some start up businesses from ever getting off the ground. This revaluation may have an impact on the rise of corporate insolvencies and this month’s blog aims to explore this prospect.

The most notable impact will stem from the fact that the revaluation has already been postponed from 1 April 2015 which means that some businesses will be subject to a substantial increase in their rates bill as the amounts due may rise significantly since the last revaluation was 1 April 2010. The chances are many businesses have not provided for this increase in their cashflow forecasts.

Interestingly, the revaluation itself will not change the overall amount of business rate revenue generated for Scotland. However, it will affect businesses where their property values have increased over the period, this will therefore hit certain parts of Scotland more than others. This poses a real threat to the viability of businesses already struggling and the impact could be particularly felt in the hotel and leisure industry, on the High Street and in the renewables sector. Scottish Government’s recent move to cap business rate rises at 12.5% for the businesses in the hospitality and licensed trade and for office premises in Aberdeenshire for one year to allow for a report on whether a more equitable process for rates evaluation can be agreed and subsequently applied, together with a package of relief for the renewables sector may provide a modicum of breathing space in the short term. However, longer term this review provides no guarantees and many businesses will experience financial difficulties with even the smallest of rises.

Another issue which may affect licensed premises is where liability for common charges is based on assessed rateable value. Two problems may arise as a result of the revaluation, one being that the licensing trade will face a disproportionate share of common charges as there is a turnover element taken into consideration when assessing ratings in the hospitality sector and two, whilst the aforementioned cap may provide some temporary relief, it is likely that in assessing common charges, the full rateable value may be used. The inevitable result being higher common charges to pay, even if the temporary cap exists.

There will be an opportunity for a business to appeal the revaluation within 6 months of the valuation (unlike in other parts of the UK an appeal in Scotland will be free), the longstop date therefore being 30 September 2017 but the sting in the tail is that the existing business rate liability must continue to be paid during any appeal and will only be reimbursed after, and if, the appeal is successful and the rateable value is subsequently lowered.  This rebate may come far too late for some businesses who even before the end of the appeal period will be forced to seek the advice of an Insolvency Practitioner due to the risk of continuing to trade whilst insolvent. This is because continuing to pay existing rates during the rigid appeal period will place inevitable cashflow restraints on a businesses which are already struggling to pay current rate arrears and may also have substantial arrears to HM Revenue & Customs for VAT, PAYE/NIC and Corporation Tax, together with the ongoing requirement to service bank debt and on going trade creditors.

At a time when many other economic, political and social factors are also making it increasingly difficult to succeed in business in the UK this may signal the final blow to some of the most vulnerable of those businesses in these sectors north of the border. 

With thanks to TLT Solicitors to their technical input to this blog.

FEBRUARY 2017 - New Personal Insolvency Website Coming Soon

We are pleased to announce the upcoming launch of French Duncan’s debt advice team’s new website. The website aims to help people with problem debt and provides comprehensive information about debt relief options such as Trust Deed and Sequestration. We collaborate with various debt charities and organisations to raise awareness of the risks of falling into debt and provide free debt advice for people with overwhelming financial troubles.

Scottish Debt Solutions Website

Our new website, under the name of FD Debt Solutions, was developed for people in Scotland who can’t repay their debts over a realistic period of time. We have been helping people find the way out of debt since 1989 and have gained a wealth of experience in debt relief solutions.

Being in debt can be very distressing and frustrating but it is important to take action and get help when times get tough. With so many different websites offering debt advice it can be difficult to distinguish which information is reliable. Information overload on search engines often creates a barrier between those in financial trouble and those offering help. Our goal is to provide people with clear and comprehensive information and establish a way forward to financial freedom.

The FD Debt Solutions website is interactive and mobile responsive which means that you can easily access it using your laptop, computer, tablet or phone. It contains useful and clear information about debt and various insolvency solutions in Scotland. We will constantly be refreshing and updating our content, articles and blogs to ensure that you are up to date with the most recent regulations and important information.

Brian Milne, one of our insolvency practitioners said ‘Each situation is different and our experts tailor every solution to suit individual circumstances to achieve the best result for people overwhelmed with money worries. We offer free, no obligation insolvency advice to anyone who is in financial trouble. We don’t charge any set up fees if Sequestration or Trust Deed is the right option.  Our fees are approved in line with statutory guidelines and are included in the repayment plan for administering a chosen arrangement. We are always available to help and answer any questions about debt relief. We hope that our new and fresh website will provide clear information and encourage people to seek help’.

If your debts are overwhelming and you are looking for personal insolvency advice contact us on 0800 562 0002. We have offices located all over central Scotland including Glasgow, Edinburgh, Stirling, Hamilton and Dumbarton.

 

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