Next up under the Money Nerd microscope is Begbies Traynor, a commercial company offering UK residents a way to get out of their debt nightmare.
They provide financial services to help debtors gradually pay off their debts, but in the process, they do charge a fee.
Should you have to pay to get out of debt and are Begbies Traynor a legitimate company with real services? We answer the pressing questions about their debt solutions, right here.
Who Are Begbies Traynor?
Begbies Traynor market themselves and business and personal recovery specialist and currently have 77 offices across the UK. The company is seen as a market leader in the UK and can arrange same-day meetings with customers who want to discuss their debt solution options. But are they any good?
What Debt Services Do They Offer?
Begbies Traynor offer an array of debt services for individuals, including options for Scottish residents as well. You may benefit from:
Begbies Traynor offer formal debt solutions to Scottish and English debtors. The latter can benefit from an IVA which enables debtors to pay off multiple debts over a five-year period and then ever having to make another payment again, even when they have failed to clear their debts.
Not everyone will qualify for an IVA but if you do, you could clear your debts without paying even half of them off!
The Begbies Traynor Customer Experience
We could find reviews on Begbies Traynor and their customers’ experiences, but none of the ones we found at the time of writing were relevant to debt solutions. Therefore, we decided to evaluate their official website instead and understand how potential customers may find using it.
The good news is that the services are easy to find when you first visit, simply click the personal insolvency button on the home screen. The number to discuss your options is also free – and there is even a contact form you can use.
Begbies Traynor FAQs
Here are the common questions about Begbies Traynor:
Is Begbies Traynor a licensed insolvency practitioner?
Yes, Begbies Traynor is fully licensed. This is important because it means they must adhere to industry regulations and provide you with a transparent and fair service. You can use Begbies Traynor with peace of mind that you are not being scammed.
What type of debtors can Begbies Traynor help?
Most of the debt services offered by Begbies Traynor are for more serious types of debt. You will probably benefit from Begbies Traynor if you live in the UK and have debts above £1,500. They usually help with unsecured debts.
Can Begbies Traynor guarantee a debt solution for everyone?
Not everyone. Some people may not be applicable for a Begbies Traynor debt service. Moreover, Begbies Traynor cannot guarantee that your creditors will agree to any debt solution they propose on your behalf. For example, they might want you to pay more than you can afford.
Does Begbies Traynor offer free debt advice?
There is no debt advice service listed on the Begbies Traynor website. Any advice you get from them is likely to point you to one of their services, i.e. the debt advice will be sales orientated. They may even charge you for their advice.
They have been known to offer meetings with debtors which could include advice but not confirmed.
Where can I get advice about my debt without paying?
If you don’t like the sound of Begbies Traynor debt advice and want to receive free support without being led towards a commercial service, there is another option. Using debt charities is a cost-effective way to get advice from trained professionals.
What are the Begbies Traynor contact details?
You can find all of Begbies Traynor contact details via their website. We have provided their website at the end of this guide, as well as their contact number.
Are Begbies Traynor insolvency services cheap?
Begbies Traynor is one of the most established insolvency practices in the UK with lots of offices. Due to their reputation, their debt services are not as cheap as some other providers. You could eve pay monthly fees that make the overall costs of their services rather expensive. Researching your options is key to not overpaying for debt solutions.
Will a Begbies Traynor IVA stop threatening debt letters?
An IVA is agreed to by your creditors meaning they now enter a new arrangement to get their money. There is no need for them to keep contacting you requesting payments. Thus, debt letters and debt calls should stop as soon as the IVA is finalised. However, automated calling technology is sometimes used by creditors and debt agencies which could cause these nuisance calls to continue.
In such event, it will come down to you to alert creditors of the mistake, the IVA and to make them stop. Begbies Traynor probably won’t do this within their service.
Why are there no Begbies Traynor debt solution reviews?
We could not find specific Begbies Traynor debt solution reviews and the reason for this is somewhat puzzling. It is possible that people tend not to write reviews due to the sensitivity of the topic. However, we still expected to find some published experiences.
Is using Begbies Traynor insolvency services a smart idea?
Begbies Traynor could be a smart idea if you have a certain type of debt and do not mind having to pay for the services which can get you out of it. Just be careful because some services offered by Begbies Traynor may also be available for free with UK debt charities. It will depend on what service you need, but there may be cheaper ways to get out of debt.
Begbies Traynor Contact Details
Begbies Traynor Group PLC
0161 837 1700