Critchleys is one of many businesses in the UK offering people in debt a way out. Their debt services claim to help people get rid of all their debt. Yet, it is crucial to remember that they are a commercial finance company, not one of the UK’s debt charities.
Why is this important? Because it means you pay for their debt solutions services. So, should you give Critchleys’ services a try or should you stay clear? We have the answer for you in our latest Critchleys review.
Who Are Critchleys?
Critchleys is seen as a leading independent financial advisory firm based in Oxfordshire. The company provides various advisory services, including personal financial planning as well as corporate finance and business recovery. Much of their insolvency work centres around corporations, but there are debt solutions for individuals as well. Critchleys is by no means a new business and has been on the go for over a century!
What Debt Services Do They Offer?
Critcheys offer to help with your debt problems in one of two ways. They can provide you with:
- Individual Voluntary Arrangements (IVA)
- Informal Arrangements
Creation of Individual Voluntary Arrangements (IVA) is one of the most popular services offered to people in debt. If you have multiple debts that total above £1,700 then you may be applicable to benefit.
An IVA commits you to considerable repayments each month, for an eye-watering five years or more. But the real benefit comes at the end. For people in a lot of debt, they would not have cleared their debts in this period or may have not even cleared even 20% of them. But that doesn’t matter because when the IVA ends – so does all your debt.
Customer Experiences at Critchleys
We had hoped to bring you some recent reviews from debtors who used Critchleys’ debt services. But that wasn’t to be as we couldn’t find any reviews specifically relating to their IVAs online. Consequently, we took a look at the customer experiences you will have with them online instead.
Their website is very clear to use and you will easily find their limited insolvency services from a dropdown list. The contact page is less impressive than some other debt solutions providers because they do not have a contact form or a freephone number. You will need to use their email address or pay to speak to them on the phone.
Critchleys Frequently Asked Questions
Learn more about Critchleys and their debt services with these common questions:
Are Critchleys regulated and official?
Yes, Oxford-based Critchleys is a legitimate and regulated financial advisory firm with a large client base. They may not be the cheapest company to get out of debt, but they are respected and will not veer away from debt industry guidelines. Overall, you should be able to trust them as they have been operating successfully for over 100 years.
Do Critchleys offer lots of personal debt solutions?
This is a tricky question because their website lists IVAs and informal debt solutions, and thus, it does not tell us exactly what personal debt solutions are on offer. Informal arrangements can come in lots of different ways and the number available is not publicly listed. It is likely that they will offer a good selection of informal solutions, such as debt management plans, but be aware! These solutions are not legally binding with your creditors.
Who can benefit from Critchleys’ debt solutions?
Critchleys will be able to help lots of people in debt. They can help people with small unsecured debt with their informal debt solutions and can even help people with lots of debt with multiple creditors through a Critchleys IVA. One surprising omission from their listed services is that there is no personal bankruptcy service. It may be that Critchleys is more used to helping corporations deal with debt, rather than individuals.
Can Critchleys make sure I get an IVA?
Critchleys will do their best to get your creditors to vote in favour of the terms of the IVA put forward. But they need a majority vote and they cannot ever guarantee that will happen. If they think you are not going to get an IVA, they should inform you of this first. Some people may not get an IVA over the line because they cannot make large enough monthly repayments.
Is a Critchleys IVA cheap?
Critchleys are a longstanding company and based in Oxford. These are just two reasons why you cannot expect IVA services to be cheap. You could add thousands to your repayments by using Critchleys, but you might also cut even more off the amount you repay by the end of the IVA. It really depends on personal circumstances.
Will a Critchleys IVA stop creditors from hassling me?
Once you have an IVA, there is no need for your creditors to keep on calling or requesting payments. But some of them are slow to update their systems and you might still get annoying calls or letters for the immediate future.
Do Critchleys offer free debt advice?
There is no mention of free debt advice on their website and it is unlikely to be on offer. You can get free debt advice by contacting the UK’s debt charities, such as Step Change.
What is the verdict on Critchleys’ debt solutions?
Critchleys are probably very good at what they do but they are not very transparent about what is on offer and appear to focus on businesses more than individuals. We think you will get much cheaper services, and more options, by shopping for personal debt solutions elsewhere.
Critchleys Contact Details
23 – 38 Hythe Bridge Street