If you were to see this name without context, it could be quite baffling. Nancollasgreer is a debt management company, but unlike most of these companies, there is no reference to debts or financial issues in their name. Apparently the company utilizes a combination of names of partners, as Sarah Nancollas is listed as founder by Myvesta. (www.myvesta.org.uk)  The company is listed as N and G Ltd., doing business as Nancollasgreer,  and Sarah Nancollas is listed as a licensed insolvency practitioner. (www.nancollasgreer.com)

            While not one of the largest debt management companies, Nancollasgreer  is large enough to provide a variety of services. They are located in Worthing, but their services are available nationwide.

Why would you need a debt management company?

            Personal indebtedness is at an all-time high in the UK, with a total personal debt of almost ₤1.2 trillion. It is estimated that up to 1 million people could be on the edge of bankruptcy and 8 million have over ₤10,000 in unsecured debt.  (www.thebestdebtadvice.co.uk)  Personal insolvencies have risen rapidly in the past few years and experts expect there to be over 100,000 cases of insolvency in 2006. (www.abcmoney.co.uk)

             Ron Robinson, president of  the Association of Business Recovery Professionals, says “Personal debt is out of control in this country. Credit card companies are lending too much to people who can never afford to repay their borrowers.” (www.timesonline.co.uk)

Who would need a debt management company like NancollasGreer?

            Surprisingly, there is no one particular group that is most in need of debt management  help. These financial problems affect all ages and types of individuals. Even the elderly are not immune from debt issues. Sarah Nancollas says “I have seen some really sad cases of retired people who have found themselves stuck in a cycle of debt and have no way out of it.” (www.myvesta.org.uk) One survey showed that people between 30 and 50 had the largest percentage of unsecured debt to income, with debts equaling 22% of annual income. (www.insolvencynetwork.co.uk)  Young people between 18 and 29 also had mounting debts, owing an average of ₤7700 (www.thebestdebtadvice.co.uk) while the average debt of those over 60 was ₤52,000. (www.myvesta.org.uk)

What causes debt problems?

            There can be a number of reasons  beyond their control that can cause people to get deeply into debt, with some of the most common being severe illness and inability to work or a divorce procedure. Another reason is unexpected  job loss or termination. But although all these reasons affect some people, the most prevalent reason for  debt problems or insolvency is living beyond your means, or spending more than you earn. In one survey, the number one reason for individual insolvencies was mismanagement of credit cards. This was cited in 20% of cases. (www.r3.org.uk)

            This can be linked to the easy accessibility of credit cards. In one study, it was learned that 9 of 10 credit cards were issued to borrowers without the lender doing any credit checks or  determining if the borrower could afford repayments. (www.mortgage-loan-uk-net)
            Mark Allen, a personal insolvency specialist says “Soaring  unsecured credit continues to go hand in hand with soaring numbers of individuals falling into the spiral of debt---the problem rests squarely on excessive consumer borrowing and spending.” (www.4ni.co.uk)

How do you resolve debt problems?

            The first thing you need to do is to gather all your financial information and see what your situation is. Next, you can decide where to go for help. Often, a good first step is to consult with a free, non-profit organization such as Consumers Credit Counseling Services or Debt Advice Bureau. You may also choose to make an appointment for a consultation with a debt management company. If you are familiar with financial procedures, you may choose to initiate your own management program.

            If you consult with a professional, there will be several choices available to you. Depending upon your situation and circumstances a counselor can recommend a particular course of action for you. These include a debt management program, a debt consolidation, bankruptcy or an Individual Voluntary Agreement.

What are debt management companies like NancollasGreer?

             In some cases debt management companies may be your best choice .Debt management companies provide a service to you for a fee. They will advise you on the best solution for your situation and work with you over a period of time to achieve your goals. They can negotiate with your creditors for lower payments or can work out a specific budget repayment plan for you. If they are licensed insolvency practitioners, they can determine if you qualify for an IVA or if bankruptcy would be your best choice. They can draw up the legal papers needed and file papers for you. In some cases, there is an initial fee, in others fees are deducted from your payments. Be sure to find out exactly what the fees are and how they are paid before signing any contracts.

Why should you choose NancollasGreer?

            If you determine that a debt management company is the best option, you may want to consider NancollasGreer.

1. They are not a huge corporation, where you are only a number.
2. They are large enough to provide a wide range of services, but small enough to allow for personalized service.
3. They are licensed insolvency practitioners
4. You will always deal with the same person to advise you and answer questions.
5. They have a number of satisfied customers. Testimonials include:

“I found NancollasGreer to be friendly and understanding, giving me time to explain my situation and providing me with sound advice.”---Miss P.

“I couldn’t believe that I owed ₤31,000. NancollasGreer set up my IVA and I now pay ₤300 a month and I will be debt free within 5 years. I never believed the outcome would be so good.”---Mr.G.

“They completely turned my world around….please contact NancollasGreer and I can promise that you will sleep at night again.”—Mrs. H. (www.nancollasGreer.com)