We have compiled the most important, in depth information on Mitchell Charlesworth. Learn about their services, customer reviews and the company details.

About – who are Mitchell Charlesworth?

Mitchell Charlesworth helps people who are in debt. They are located in Liverpool and were established in 2014. 

On their website they say:

“Mitchell Charlesworth, Chartered Accountants and Business Advisors, offer a locally based, complete financial solution for businesses and individuals in Chester, Liverpool, Manchester and Widnes.”

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This 4 question debt calculator will tell you if you’re eligible.

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What debt solutions does Mitchell Charlesworth provide information about?

Find out below whether Mitchell Charlesworth provides the kind of help you need.

Mitchell Charlesworth provides information about several debt solutions on their website including:

  • Individual Voluntary Arrangement (IVA) – a legal form of insolvency where you agree to repay a set amount to your lenders.
  • Partnership Voluntary Arrangements (PVAs) – If approved by creditors, the partnership will be protected from its creditors to allow it to continue its business and so generate income to satisfy its debts.
  • Bankruptcy – a form of insolvency which essentially is a declaration that you are unable to pay off your existing unsecured debts. 

Scottish Debt Solutions

Mitchell Charlesworth doesn’t provide information about Debt Solutions which are specific to Scottish residents, such as Sequestration and Trust Deeds.

In-Person

Sometimes it’s easier to talk face-to-face rather than over the phone. Mitchell Charlesworth does offer in-person services, which means you can go into their offices to speak to them.

Information correct as of 22/04/21 (Mitchell Charlesworth)

Mitchell Charlesworth reviews

It’s important to see how other customers have rated their experience with Mitchell Charlesworth. Take a look at their up-to-date reviews on Google.

Information correct as of 14/06/21 (Google Reviews)

Company information:

After researching Companies House and their website, we found the following information about Mitchell Charlesworth:

Date of incorporation: 7 March 2014
Company status: Active
Company number: OC391811
Company type: Limited liability partnership
Websitehttps://www.mitchellcharlesworth.co.uk/
Address: 3rd Floor 5 Temple Square, Temple Street, Liverpool, L2 5RH
Opening Hours: Tuesday – Thursday 9 A.M – 5:15 P.M
Phone number: 0151 255 2300

Information correct as of 22/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: n/a.
FCA status: n/a.
FCA regulated activities: n/a.
FCA reference number: n/a.
Exempt Professional Firm Reference Number: ICAEWC003808634
Exempt Professional Reference Number: 12662
Professional Body: The Institute of Chartered Accountants in England & Wales
Trading Names: Mitchell Charlesworth LLP
Place of business: 5 Temple Square, Temple Street, LIVERPOOL, L2 5RH
UNITED KINGDOM

Information correct as of 22/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: ZA050051
Data controller: Mitchell Charlesworth LLP
Address: Temple Square, Temple Street, Liverpool, L2 5RH

Information correct as of 22/04/21 (ICO)

Where are Mitchell Charlesworth located?

You may want to speak with a debt management company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on the map.

Address: 5, Temple Square, Temple St, Liverpool L2 5RH

To get a feel for the company, have a scroll through their Twitter feed!

Debt Solutions FAQs:

Why are IVAs useful?

An Individual Voluntary Arrangement can be a useful and potentially life changing debt solution for individuals with such a large sum of debt that they cannot even begin to start paying it back.

There is no doubt that constant calls and letters from a creditor or debt collector regarding an ever increasing debt puts insurmountable pressure on a human being.

An IVA can put a stop to all creditor and debt collector harassment for as long as you make consistent, agreed-upon payments towards your debt. In addition to this an IVA stops your total debt from increasing with interest and after 6 years the debt will be written off.

What is debt consolidation?

Debt Consolidation is an effective way to improve your financial management and reduce the overall amount you need to pay.

The method of debt consolidation allows you to move all your debt into once account at often a lower interest rate. This makes managing your monthly payments a lot easier as you no longer have to keep track of multiple payments across multiple dates but instead you have a single payment to make once a month.

How Does Debt Consolidation Work?

Debt Consolidation works by an individual taking out a new line of credit either in the form of a personal loan or balance transfer card. The total amount of this credit needs to cover the total balance of all your outstanding debts. After using this new loan to clear your multiple debts you will be left with a single monthly payment.

This prevents people from forgetting and missing payments by having a convenient and organised single payment but it also may allow you to pay less through taking out a loan at a lower interest rate.

Overall, your personal finances will become easier to manage, you may reduce your overall payment amount through lower interest rates and you will be on your way to overcoming your debts.

Is it a good idea to consolidate my debt?

When you hold any debt obligations in your name it isn’t ideal. Therefore it may not seem intuitive to take out further lines of credit. However, consolidating your debt could prevent your debts from getting worse and lower the overall amount you have to pay back in the long-run.

Will debt consolidation affect my credit score?

A debt consolidation loan can have both a negative impact on your credit score in the short-term but a positive impact in the long-term.

This is because when your first apply for a debt consolidation loan you may be subject to a hard search on your credit report which will lower your credit score originally but once you are accepted and you start making consistent payments towards the loan your credit score will start to rise.

This may seem strange for some, but getting into debt is actually the best way to build credit as regular payments illustrates to creditors your ability to pay them back. A debt consolidation loan is a great way to achieve this as your not increasing your total debt but you are simply making it easier to manage.

What type of debt can I consolidate?

Common types of debt that people choose to consolidate include:

  • Personal loans
  • Credit cards
  • Catalogue balances
  • Car loans
  • Tax bills
  • Store cards
  • Utility debts

What is the difference between debt-consolidation and a DMP?

The key difference between needing to take out a debt consolidation loan and needing a DMP is whether or not you are able to comfortably afford your debts.

If you have multiple debts but you have enough income to pay them whilst maintaining your current standard of living (pay for rent/mortgage, bills and groceries) but you simply want a better way to manage payments then debt consolidation is for you.

A Debt Management Plan (DMP) is a good solution if you have multiple payments that you cannot keep up with or cannot afford. This method allows you pay back a lower, actually affordable amount to each creditor whilst preventing the debt from getting any worse through interest, missed payments or County Court Judgements.

The downside of a DMP comes only when youare a home owner and you have built up equity in your house. You will likely need to release some of this equity in the last year of your 5 year DMP in order to cover the debts.

This may require you to remortgage your home, take out a personal loan or get into more debt trouble further down the line. The last thing you want when dealing with debt is to simply cause more problems in the future which a DMP can worsen due to the negative implications it has on your credit score.

If you are deciding between debt consolidation, a DMP and any other debt solutions, the key thing to identify is your ability to afford to pay the debt. A debt consolidation loan is the simplest and best option for you if you can afford payments but if you can’t even after budgeting and cutting back then you may have to consider the more serious options.

What about using a balance transfer card?

If you are only carrying credit card debt rather than multiple debts from different lenders, then you could look at using a balance transfer card to move your debt from your more expensive credit cards to a cheaper one.

In most cases, you can use a balance transfer card to take advantage of an introductory 0% interest rate for a certain period of time.

If you can clear your credit card debt within the 0% period of time, then you could save yourself a lot of money not having to pay any interest on your debt.

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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