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

Your payments are almost entirely based on a detailed budget in the Individual Voluntary Arrangement? You may have seen advertisements that claim to write of 75% of your debts, but this is wrong as you have to pay back as much as you can and that is dependant on this detailed budget.

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

The Individual Voluntary Arrangement is a debt solution that was brought in under the Insolvency Act in 1986 essentially by the government as a way to help people with their debts. This Government backing can be very reassuring, but because of the legalities of it there are many aspects that have to be adhered to.

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

There are many reasons why people get in to debt, far too many to go into as every one has a unique set of circumstances, however you may find yourselves in situation similar to one of the ones below, you may even recognise that you are heading towards one of them and may be able to do something to stop it now.

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

Yes!! Firstly I’ll explain what a Charging Order is. A charging order comes from an unsecured debt, where the creditor has applied to a court to get it secured against one of your assets for example your home. This now means they have a stake in your property for example, and if you were to sell the property you would have to clear that debt from the sale. Your mortgage is your first charge, a secured loan the second charge, and then say you had a charging order placed against you this would be the third charge.

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

Usually it is only unsecured debts that can be included into a debt solution to help resolve your financial difficulties. As secured debts are to gain an asset, they have slightly different rules and you may lose what ever it is you are paying for if you do not keep up your repayments.

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

It is relatively easy to make yourself bankrupt, and I will outline what you need to do in the following article.

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

There are many miss conceptions about bankruptcy and this is one of them. You can hold a bank account when you are bankrupt and there are a few banks who are very good about this.

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

The term insolvent literally means that you do not have the financial resources to pay debts when they come in.

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

There are far more advantages than disadvantages in entering an Individual Voluntary Arrangement to solve your debt problems. You get a manageable monthly payment over a reasonable length of time with a good deal of protection over your finances and assets. However there are a few disadvantages.

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

Debt management is probably the debt solution with the least consequences. Debt management is great for people who cannot afford their monthly payments and need them lowering. Most of the time your interest and charges will be stopped, and it does offer a degree of flexibility. For example if your circumstances change then you may be able to amend your payment to suit.