Smith Cooper Review (Debt Solutions, IVA & DMP)

Rating:

1.5 out of 5 stars (1.5 / 5)

Smith Cooper is another commercial business we have reviewed to understand more about their debt solutions and services. If you have been considering using them to get out of personal debt, you may want to think again. We’ve been sniffing around to see what they are really all about and if they are worth it.

This Smith Cooper debt solutions review is for anyone struggling with debt and considering using their debt services.

Who Are Smith Cooper?

Smith Cooper is one of the leading business advisory and accountancy firms in the UK. They are fully recognised and licensed to operate with over three decades of experience helping people with financial issues. Among those are debtors who have taken advantage of their personal insolvency services. They work from four offices all based in the Midlands.

What Debt Services Do Smith Cooper Offer?

Smith Cooper offer a number of informal debt solutions and three other services to get rid of your debt:

  • Informal debt solutions
  • Debt Relief Orders
  • Bankruptcy
  • Individual Voluntary Arrangements

Their IVA services are some of their most popular debt solutions that clients want to know about. In brief, an IVA is a way to get multiple creditors to agree to a monthly repayment for five years. You will have to abide by the agreement for the full period, and if you do, there is a big benefit waiting for you at the end. The agreement states that all debt is terminated once the IVA ends, meaning you don’t have to pay back any unpaid debts once it is over. You will become 100% debt free in the end!

Smith Cooper Website Experience

We checked under every stone on the internet looking for Smith Cooper reviews that specifically related to their bankruptcy and IVA services. But at the time of writing, there were none to be found. Just like many accountancy firms, their reviews are all to do with tax services.

Instead of bringing you the latest reviews, we decided to bring you the lowdown on their website and the overall customer experience. Arguably, Smith Cooper advertise their personal debt solutions much better than other accountants. There is a tab for insolvency services which is then broken down into a section just for personal debt. Often these services get bunched in with business insolvency, so Smith Cooper receive a thumbs up in this regard.

They also run an online contact form but calls to their offices are not free.

Smith Cooper Frequently Asked Questions

Is Smith Cooper trustworthy?

Yes, even if you choose not to use Smith Cooper services, there is no denying that you can trust them. As a UK financial business, they are regulated by a number of organisations including the FCA. Their conduct is monitored and gives customers peace of mind that they can be trusted.

What are the Smith Cooper informal debt solutions?

The informal debt solution services are not explained on the Smith Cooper website. These are a group of debt solutions that are not legally binding, which means you and your creditors can change your mind on the agreement without legal implications. However, that is not the idea and it is expected that everyone keeps to the agreement and the debt is eventually paid off (with frozen interest).

An example of an informal debt solution is a Debt Management Plan (DMP).

Can I get free debt advice from Smith Cooper?

Smith Cooper will provide you with some guidance on what options are available to you if you contact them, but this doesn’t really constitute debt advice. It is not listed within their services. You can find free debt advice by speaking with Step Change and other debt help groups.

How can I get in touch with Smith Cooper?

You can contact Smith Cooper by their online contact form (website provided at the end of this guide). Alternatively, you can call them on 03333 446306.

Is a Smith Cooper IVA 100% guaranteed?

Smith Cooper has the professionals to assess an IVA application and know with almost certain accuracy if creditors will agree to it. Yet, nothing is certain and Smith Cooper cannot make 100% promises. Nor can any other personal debt solution provider.

Will Smith Cooper block debt collection agencies from chasing me?

When Smith Cooper secure a debt solution with your creditor(s), they are essentially getting them to stop calling or texting you as the new agreement will override any need to request payment. But in reality, things don’t always work out like that. It can take a while for agencies and creditors to stop sending letters due to slow administration.

Are Smith Cooper insolvency services expensive?

The exact costs of Smith Cooper debt solutions are not disclosed on the website. You will have to contact them directly to ask how much their fees are and any associated details. They may be cheaper than some London-based companies, but that doesn’t mean you won’t have to pay hundreds or thousands of pounds for their help over the course of any agreements.

Can debt charities offer the same services for free?

Some UK debt charities can help with similar or equivalent services without cost. It is crucial that you speak with debt charities (also for free!) before committing to any commercial debt company services. You might be able to avoid fees altogether just by doing some research into what is currently available.

What do we think of Smith Cooper debt solutions?

We have to acknowledge that Smith Cooper offer more personal debt solutions services than many other accountants, and thus, they are able to help more types of debtors. But the only thing going against them is that their fees could be higher than others and not worth it.

Contact Details for Smith Cooper

Address:

St Helen’s House

King Street

Cathedral Quarter

Derby

DE1 3EE

Contact number:

03333 446306

Website:

https://www.smithcooper.co.uk/

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