Published in Debt Advice Features on Sunday, April 29 2007 0 Comments

First of all what is an Administration Order? It is a court order which covers all your unsecured debts, this means you make one payment and the court will distribute it for you to all your creditors.

Published in Debt Advice Features on Friday, April 27 2007 0 Comments

If you have unsecured debts they can affect you in several different ways when you look at acquiring a mortgage.

Published in Debt Advice Features on Friday, April 27 2007 0 Comments

Usually you have to give the details about the members of your household, dependant or non-dependant. This is applicable in bankruptcy, an Individual Voluntary Arrangement, and debt management, the major debt solutions. This is because the creditors usually require a copy of your household income and expenditure, and the only way to back up what you spend or bring in is to verify the details of the members of your household.

Published in Debt Advice Features on Friday, April 27 2007 0 Comments

Very possibly. Before you go ahead with any debt solution you should seek further advice regarding the property, and I would not advise trying to hide the details of the property as this could be classed as fraudulent behaviour. Here are the different ways it could possibly be affected;

Published in Debt Advice Features on Thursday, April 26 2007 0 Comments

Firstly what is equity? Equity is any money left over once you have sold or cashed in an asset. So for example if you sell your property, the equity is what is left over after you have paid your mortgage off. If you cash in a pension it is what is left after all the fees and charges have been taken. In certain cases you will have to release equity from any assets you own with the exception of perhaps your vehicle. 

Published in Debt Advice Features on Friday, March 30 2007 0 Comments

If you are having difficulty with the repayments into your IPA or IPO you must contact your bankruptcy trustee as soon as you feel that you cannot make the payments, it is always better to notify them that you may not be able to make the payments than to just default or miss the payment without telling your trustee in bankruptcy.

Published in Debt Advice Features on Friday, March 30 2007 0 Comments

If your income changes in bankruptcy you must notify your bankruptcy trustee immediately regardless if your income has increased or decreased, there are a number of reasons why you should notify your trustee if this happens.

Published in Debt Advice Features on Friday, March 30 2007 0 Comments

In bankruptcy you are required to disclose all your earnings it will be seen as you not cooperating fully with your bankruptcy trustee if you do not disclose your complete earnings.

Published in Debt Advice Features on Friday, March 30 2007 0 Comments

Your bankruptcy trustee is charged with administering your bankruptcy, dealing with any assets you have an trying to raise as much money as possible to pay your debts out of any money raised. The Trustee will have to carry out an investigationӔ into your financial affairs. This would include determining if you could make contributions into your bankruptcy.

Published in Debt Advice Features on Friday, March 30 2007 0 Comments

An Income Payments Order is similar to an IPA however you will be order legally by the court to make the payments into your bankruptcy estate. The terms of an IPO are stricter than that of an IPA and should be avoided where possible.