Atlantic Financial Management


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DEMSA Member

All-round Debt Advice

Holistic debt advice

For individuals and couples who feel that they are in financial difficulty and require professional assistance, we undertake holistic debt advice over the telephone to establish your circumstances and the most appropriate debt remedy that suits your circumstance and preferences allowing you to make an informed choice. How you want to communicate with us is entirely your choice.

We are a member of the Debt Managers Standards Association (DEMSA).

The financial review includes:

  • Establishing whether there are emergencies or priorities ahead of your unsecured debts that need to be urgently dealt with
  • Determining your financial circumstances, the cause of these and your whether you would be considered vulnerable or have any special needs
  • Separating your priority expenditure (e.g. mortgage, rent, secured loans, utilities, council tax) from the non-priority, including any arrears that you may with these providers
  • Establishing a household budget using industry recognised ‘trigger figures’, this will determine whether there is a deficit
  • Reviewing the unsecured creditors and lenders that you owe money to
  • Assessing whether any legal action is pending or has been initiated (e.g. a county court judgment - CCJ)
  • Assessing whether there are any assets that may need to be taken into account, this can include PPI reclaims
  • Taking account of your preferences, to establish the debt solutions that you are eligible for
  • Present the debt solutions available for you to make an informed decision that best suits your circumstances

Personal debt solutions by legal jurisdiction

Debt Solution / Jurisdiction England & Wales Scotland N. Ireland
Self-management (self cure)
Administration Order
Debt Management Plan (DMP)
Debt Arrangement Scheme (DAS)
Debt Relief Order (DRO)
Individual Voluntary Arrangement (IVA)
Protected Trust Deed

Each of the relevant debt solutions above will be confidentially discussed by the debt adviser over the phone at a time to suit you. In some instances the ultimate debt solution may be offered by an independent third party provider (e.g. a DRO competent authority for a Debt Relief Order or an Insolvency Practitioner for an Individual Voluntary Arrangement) and this will be made absolutely clear if you request that we refer you to a specialist provider.

Our role as your Debt Adviser

  • To deliver all-round debt and money advice that is in your best interests
  • To identify the options best suited to managing your debts and personal circumstances
  • To establish what you can do about your unsecured debts
  • To help you understand what action your creditors can take to recover their money
  • To help you better understand the consequences of not paying your debts

We will discuss impartial sources of information, such as the Money & Pensions Service. This can assist you in making an important choice regarding regaining control of your finances and the nature of the on-going support that you need, including the method of delivery of this advice and support, for example; over the phone or on-line.

You will always be given the right of a 14 day cooling off period should you decide to withdraw from a debt solution with Atlantic. We offer a clear cancellation and refund policy.

We encourage all clients of Atlantic to obtain free access to their Credit Report on request. Our aim is to provide an accurate assessment of your financial status from the outset of our relationship and to assess your vulnerability to identity fraud and irresponsible credit marketing.

Key aspects of your credit file:

  • Consistency of data on your (e.g. same spelling of your name, your financial associations)
  • Your residential history (e.g. time at current address, frequency of address changes)
  • Any public record data like judgments, historic bankruptcy orders/discharges, DROs and IVAs
  • Your repayment profile on different credit agreements, including your mortgage and current accounts, including overdraft usage
  • Your credit seeking activity, notably applications for short-term credit like payday loans
  • Attempts to use your identity for fraudulent purposes and how to deal with these to protect yourself
  • Use of Notices of Correction (NOC) where applicable

For PPI reclaims, the report will also show where compensation has been delivered by a creditor where this has resulted in balances being written off or the agreement being re-written as if no PPI had been sold in the first instance. This may take the form of reduced balances and reduced payment terms. There are rules that lenders need to comply with in reporting your data. The Credit Report service provides access to a fantastic information resource and support facility for you to challenge or correct your data if it is not being reported against these agreed rules and/or doesn’t comply with the principles of the Data Protection Act 2018.

Where you are in a debt solution with Atlantic then we want to ensure that the responsible action you have taken in seeking professional debt advice and debt relief is properly reflected in your credit report against the rules and data sharing schemes that the lenders have subscribed to. Credit Reference Agencies (CRAs) gather and record financial and publicly available information about you. Four out of five adults in the UK have some form of credit history, having taken out a personal loan, credit card or an alternate form of credit. This information is then supplied to lenders and other organisations to assist them in establishing an individual’s identity, credit history and current outstanding credit or debt, if the individual has broken the contractual terms of the credit agreement.

Where you have entered a debt solution like a Debt Management Plan (DMP) then this should be properly reported on your credit file at a credit agreement level. An IVA is public record information and will also appear on The Insolvency Service public register and as distinct record on your file like a CCJ.

Atlantic welcomes three specific clauses under the creditor standards in the Debt Management Protocol that, when implemented from October 2013, will prevent consumer detriment, including suppression of further enforcement action once a debt solution has started and been notified to the respective creditor by Atlantic:

  • Whilst a DMP continues to operate in accordance with its terms creditors will not take any collections or enforcement activity aimed at obtaining increased payments from the consumer.
  • Creditors will place a default against the account, in line with current practice and will place a DMP flag on the customer’s credit file for the duration of the arrangement to record the customer’s participation in, and progress of the plan.
  • Creditors will ensure that the customer is removed from their credit-related marketing lists for the duration of the DMP.

A consequence of entering a debt solution is that you shouldn’t be seeking further unsecured credit, like payday loans. This forms part of the commitment to Atlantic and your creditors that you are taking a responsible position to repaying your debts and control of your finances.

Important points to remember:

  • Any fees applicable will be clearly explained before you commit to any Atlantic debt solution and you have a right to a 14 day cooling off period.
  • Whilst creditors are not obliged to freeze interest & charges, in over 83% of cases the Atlantic are acting upon, they have done so. Where a lender does not freeze interest & charges the amount you owe and the period over which you repay that credit account may increase, though requests to freeze interest & charges will continue once several payments have been made to your DMP
  • Whilst entering into a DMP can adversely affect your credit rating it is our experience that those who approach us already have an impaired credit record. By entering into a DMP you will be showing your creditors that you are taking a responsible attitude to resolving your financial problems and this could help you in the future
  • Rescheduling debts can sometimes lead to an increase in the total sum to be repaid and can extend the debt repayment period, though our experience has shown that for revolving credit (e.g. credit cards), where interest is frozen, that the opposite may be true in a DMP, with the repayment period being substantially shorter when compared to minimum contractual repayments
  • The pros and cons of a DMP can be reviewd in our Debt Solutions guide
  • If you are unhappy with our service then you have the right to independent redress through the Financial Ombudsman Service (FOS), which is explained in our complaint policy