Published in Debt Advice Features on Wednesday, January 31 2007 0 Comments

The majority of people in the UK have gambled at some point, whether it be a lottery ticket or a flutter on the horses, because of the element of risk taking and a sense of luck and skill, gambling can be exciting and fun, however this buzz can easily become addictive. Gambling raises the blood pressure, heart rate and adrenalin levels - and so can easily be used as an escape from problems such as stress, anxiety and depression. The problems start when the debts start amounting; it becomes very tempting to to gamble further in the hope of that big win to clear your debts. A vicious circle begins as when the big win doesn’t come you may gamble more and become desperate, and then the debts keep increasing, the stress of this problem may cause you to gamble even further....

Published in IVA Focus Features on Wednesday, January 31 2007 0 Comments

The SIVA is a Simple Individual Voluntary Arrangement. It is a new alternative to the current Individual Voluntary Arrangement. IVA’s came into existence in 1986 as part of the 1986 Insolvency Act, and at the time it was expected mainly to be used by business men and women who were in debt, but didn’t want to go into bankruptcy, however there has been a massive increase in the number of non-business people using the IVA to get debt free. This growth has meant the IVA has had to have been assessed for what changes may need to be made to make it more suitable for non business individuals. And this meant the introduction of the SIVA. It is likely to be introduced around the end of 2007.

Published in Debt Advice Features on Tuesday, January 30 2007 0 Comments

If you receive a County Court Judgment (CCJ) and do not pay anything towards it or miss any repayments, then the claimant can appeal directly to the court to place a warrant of execution or an attachment of earnings order on you. To do this the claimant must pay a fee but this fee will most likely have to be paid back by you on top of your debt.

Published in Debt Advice Features on Monday, January 29 2007 0 Comments

If you can’t afford to pay anything towards your CCJ then you can request to the court for a ‘stay of judgment or execution’ (Form N244). This will exempt you from making any repayments towards the judgement for the time being. Forms can be obtained from any county court office. 

Published in Debt Advice Features on Monday, January 29 2007 0 Comments

A CCJ can be paid in two ways. You are either required to pay the whole amount up front in full or you are ordered to pay the amount back in instalments. If you are unable to afford the full payment or the required instalments then you can ask for a varied order. In this case, you apply to the court to vary the order and reduce the monthly instalments.

Published in Debt Advice Features on Thursday, January 25 2007 0 Comments

Bankruptcy can have serious implications on many types of employment this article is an information resource for people who are either currently practicing as a solicitor or looking at becoming a solicitor, if this is the case then you should have a second thought as to whether bankruptcy is the right option for you, please read more to find the affects of bankruptcy to solicitors. 

Published in Debt Advice Features on Wednesday, January 24 2007 0 Comments

The answer is no-one other than your creditors can write off any money you owe to them, a company however may arrange for the creditors to write off the debt through an Individual Voluntary Arrangement.

The idea behind the IVA was introduced as an alternative to bankruptcy, its designed for people who can pay something back towards their debts and in return the creditors can write off a maximum of 75% of the debt they are owed subject to some restrictions.

Published in Debt Advice Features on Wednesday, January 24 2007 0 Comments

Many people enter into an Individual Voluntary Arrangement or an IVA every year, the amount of people entering into an IVA increases year in, year out, there are many companies who claim they can write off 75% of your debt and you would be guaranteed to be debt free in 5 years. These statements are correct on the basis of how the IVA was introduced and works, these are just some of the benefits of entering into and Individual Voluntary Arrangement, but is the IVA always the best option? Are you getting the right advice?