Financial Support Systems

Financial Support Systems, specialist in Individual Voluntary Arrangements in the UK

Financial Support Systems is a family-run company based in Manchester dedicated to Individual Voluntary Arrangements (IVAs), a regulated form of personal insolvency in the UK. The firm presents itself as a specialist provider of this type of solution and focuses its activity on supporting the debtor throughout the entire process, from application to managing annual reviews.

The company was founded by Charles and Suzanna Elliott with the stated aim of transforming the IVA industry. Its team works with authorised insolvency practitioners, who act on behalf of the client and negotiate directly with creditors.

Professional profile and team experience

The firm's insolvency practitioner is authorised by the Insolvency Practitioners Association (IPA), a professional body that regulates and licenses these practitioners in the UK under insolvency and anti-money laundering regulations. The company states that this practitioner has more than thirty years of experience in the insolvency sector and in IVA management.

The practice's insolvency practitioners are authorised by the Institute of Chartered Accountants in England and Wales. The company is part of Family Business Place, a network of family-run businesses.

Types of debt that can be addressed

The firm details the categories of debt for which it offers guidance and assessment:

• Bank loans that have become difficult to manage.
• Payday loans, for those who have become trapped in that cycle of debt.
• Credit cards, in cases of minimum payments that do not reduce the outstanding balance.

Application process

The journey described by the company consists of three steps: the interested party answers a series of straightforward questions about their financial situation; the firm checks whether they qualify for an IVA and, if suitable, they may access affordable monthly payments; finally, the debtor can regain control of their debts.

The company warns that an IVA may not be suitable in all circumstances, that the service involves fees and that the ability to obtain credit may be affected. Debt write-off applies only to unsecured debts and only if the IVA is completed successfully. Homeowners may be required to release equity from their property according to certain criteria; if it is not possible to release the available equity, an additional twelve-month payment may be requested in compensation.

Customer service and contact channels

The firm distinguishes between new enquiries and customers with an IVA already in progress, with separate phone lines and email addresses for each case. It also has a payment line operating 24 hours a day. The team is available Monday to Thursday morning and afternoon, and on Fridays until mid-afternoon.

The company emphasises a no-jargon approach, without judgement and with confidential advice, regardless of the amount of debt. It also notes that its advisors understand the stress and anxiety that debt can cause.

Resources and transparency

The site refers to the Insolvency Service's free guide on insolvency and available options, and to MoneyHelper, a free and impartial public service set up by the UK Government for managing personal finances. The company clarifies that it has no affiliation with MoneyHelper or with the Insolvency Service, although the latter provides the framework in which its insolvency practitioners operate.

The company, Financial Support Systems Limited, is registered in England and Wales with number 10778048 and registered office at Peter House, Oxford Street, Manchester. Its data protection registration number is ZA450309.

Location and contact

7th Floor Peter House Oxford Street Manchester M1 5AN