What is an PBS?
A Personal Budgeting Service (PBS) is a solutions to allow you to re gain control of your monthly income and expenditures. This was designed to allow you to understand why you are finding it difficult to maintain monthly payments to your creditors.
An PBS is an informal agreement with your creditors (the people you owe money to) where you agree to pay only what you can afford. This is paid on a monthly basis. The amount you can afford is based on the income and expenditure we complete. We will potentially look at writing off some of your debts based on affordable checks being undertaken
Provided the creditors agree with new monthly payment we would request them to freeze or reduce the amount of interest being charged on your accounts.
Criteria to qualify for an PBS
Debts you can’t include in an PBS
Debts, which can be considered in an IVA
It is very important that you understand your legal rights and responsibilities if you are in debt. Expert debt advice can make an enormous difference to the outcome of any debt problems you are currently facing. Speak to one of our Personal Finance Managers today to discuss whether an PBS is the best option for your circumstances. Call 1 (646) 846 7214 for free advice.