Personal Debt Advisors come in all shapes and sizes and with considerably varying levels of qualifications, expertise and experience. If one is to trust one’s advisor it’s essential to have confidence that one is getting sound impartial advice that is based on a reasonable level of experience and that one’s Debt Advisor is appropriately qualified, licensed and registered. Certainly, if your personal solvency is in doubt, you will also want to be absolutely satisfied that you are dealing with a person of unquestioned integrity. What better person can you go to than a qualified, licensed and practising Insolvency Practitioner or IP, as the job is often labelled?
(more…)The concept that Love Conquers All has been the theme of poetry, songs, plays, motion pictures and even superb works of art such as Caravaggio’s Amor Vincit Omnia. From the scriptures we’re not surprised to come across a lot of references to the power of love. St Paul wrote: ‘Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellow man has fulfilled the law’.
(more…)When any individual enters into an Individual Voluntary Arrangement (IVA), they are making a formal agreement with their unsecured creditors to repay a chunk of their debts over a finite duration. The length of an IVA is five years in most cases though it may be shorter when, for instance, the borrower offers unsecured lenders a ‘one-off’ lump sum settlement. The cash might come from the sale of the debtor’s property or it could be money given by the debtor’s friends or family explicitly to permit him or her to settle the money they owe. However, the majority of IVAs are based on monthly payments coming from the debtor’s disposable income for a time period of five years. The question comes up, how does the person in debt take care of secured lenders?
(more…)Did you know that there are now 27 nations in the European Union (EU) every single one using their particular personal insolvency legislation? The mind boggles at the quantity, assortment and complexities of laws and regulations which this situation must contain. The EU of course wants to harmonise legislation including bankruptcy laws throughout member nations as one of its objectives. Right up until such harmonisation is attained, citizens of member nations of the EU may legally attempt to overcome their own personal personal bankruptcy and attempt to utilise a resolution inside a member nation which is most favourable for their condition.
(more…)Few people purchase their motor vehicles for cash at present. Financing can be a mix of trading in the current car, cash payment and funds supplied by a third party financial institution. The dealer will give a valuation of the motor vehicle being traded in and the potential buyer has to decide how the balance of the purchase price of the new or perhaps second hand car being bought, is to be financed.
(more…)Prior to looking at the worth of Debt Management as a means to fix an individual’s personal debt troubles, it’s worth looking at the way creditors see it. When you look at it, all lenders want is that their monies be paid back in full and on time together with any interest charges that may have built up as well as any penalties that could have been incurred. Put another way, creditors want debtors to pay back their debts as per the terms and conditions of the agreements or contracts under which the funds were loaned or advanced in the beginning. Not a lot to ask, you would think!
(more…)A Debt Management Plan for short is a course of action to pay back your complete debts but at a slower pace and over a longer time frame than you agreed to do in the first place when you acquired your overdrafts or loans or when you entered into your credit agreements by taking out credit cards. Whenever you present a Debt Management Plan to your creditors you are proposing to pay back your financial obligations to them fully although not precisely in accordance with the original terms and conditions of your credit agreements.
(more…)If there is one comforting thought for someone who is contemplating bankruptcy, it is to think about the many famous and even infamous people who became bankrupt at one time or another or even repeatedly over the course of their lives. Some of these people had already achieved fame or infamy for their accomplishments before they were adjudged bankrupt. Others of them became famous after they had endured the stigma of bankruptcy and were able to make a fresh start in their lives.
(more…)Most people would assume that when it boils down to it, lenders would adopt the practical attitude to each and every IVA proposal, voting in favour of it when it affords the best possibility for the maximum gain on the loaned monies and voting against it if another course of action offered or promised a higher yield. In real life, things are not really that uncomplicated. Despite the fact that a particular IVA offer is obviously the best offer the borrower can make from a simply monetary viewpoint, lenders might sometimes deny it for reasons apart from on the rationale of the financial yield.
(more…)The Office of Fair Trading (OFT) has amended its Debt Management Guidance that covers the standards it is expecting from organisations that furnish debt management advice or deliver credit repair services to people. Businesses include organisations or individuals that don’t charge for their assistance or are non-profit seeking, which include charities. The guidance was originally published in 2001 and was updated in 2008 and it sets out the benchmarks for the industry.
(more…)Assuming that you know that you are currently insolvent you really need to find a solution. Here is how to go about it. First of all you will need to decide who to go to for assistance and debt information. Next is to determine just what obtaining that advice will cost. Whichever company provides the advice should clarify the various options which might be available. You’ll then need to ascertain whether to petition for bankruptcy or to go into an Individual Voluntary Arrangement with your lenders or maybe to embrace some other solution that will more effectively fit your circumstances. You might be able to get financial assistance from your family or if there’s any doubt about your insolvency it might be feasible to obtain a consolidation loan and pay off all of your obligations over a lengthier timeframe than your current loans permit as they exist.
(more…)Even though you possess zero property or assets, it doesn’t preclude you from suggesting an Individual Voluntary Arrangement to your creditors. Anyone can present proposals for an IVA to their lenders provided they are insolvent. There’s no need to own a house or indeed any other property, for instance a motor vehicle or a boat.
(more…)Anybody with a debt problem ought to have a look at the different choices around before selecting what course of action to plump for. Debt Management often is reckoned to be the poor relation in plethora of unsecured debt remedies. But without doubt, it remains very popular with people coming from a wide variety of backgrounds who have encountered personal financial difficulty. Here are a few of the reasons why it could be your best and indeed only course of action.
(more…)It’s a big anxiety for those who are thinking of entering into an IVA as to how that process might have an impact on their mortgage. Are they going to lose their house? If they are married or simply co-habiting then they need to make sure that whatever crops up on account of their entering into the IVA isn’t going to impact negatively on their spouse or partner. Let’s look at the impact of an IVA on the mortgage of a single individual to begin with.
(more…)It is an unenviable dilemma to be in whenever an insolvent individual is facing a decision as to whether to petition for bankruptcy or go into an Individual Voluntary Arrangement (an IVA). A principal concern is whether one has a property or not. It is likely that one will lose their property in bankruptcy and be able to continue to keep it in an IVA. A key issue is whether there’s realisable value in the property or not. In any case it is a good idea to list the positives and negatives of the two choices and get guidance from a professional insolvency expert in advance of a final choice. The two alternatives need to be checked out and this short article summarises the positives and negatives. The insolvent person in debt should determine which points are important for them.
(more…)There are many solutions for dealing with problems of personal debt but in the UK or specifically in England, Wales and Northern Ireland, the top seven solutions probably account for over 98% of solutions. The legislation in Scotland is somewhat different to the rest of the UK so it is excluded from consideration for the purposes of this article.
(more…)Most of the articles you read regarding personal debt problems and solutions will strongly suggest that you should get independent debt relief. This is an excellent suggestion but to be able to get the maximum benefit from such advice it might be worthwhile to sit down beforehand and consider what questions you should put to the debt adviser and what you want to get out of the process. Roy Keane had a favourite phrase: ‘Fail to Prepare, Prepare to Fail’.
(more…)There is considerable variation in the standard of service a debtor is likely to get when seeking debt advice from various debt advisors. The Office of Fair Trading (OFT) has published a helpful booklet on its website which summarises the type of debt advice you should expect to get. It is entitled ‘Getting Help with your Debts’ and it is well worth a read.
(more…)Although personal debt is everywhere, people tend to be secretive about their own debt problems because of the fear of embarrassment, shame or even stigma that they experience with their family, friends, neighbours or work colleagues to learn of their predicament. People have their pride and revealing their financial difficulty is like a badge of failure, regardless of whether any blame attaches to the indebted person.
(more…)Are you operating a small business via a limited company? Is your company profitable or is it losing money steadily? Are prospects for business good or is there no hope for the business? Can the business be saved? Whether you are male or female, a publican, a butcher, a shopkeeper, a barber, a draper, a coal merchant, a small manufacturer or assembler of products, a farmer, a fisherman, a building contractor, a beauty therapist, a hairdresser, a masseuse, a printer, a courier, a taxi driver or whatever, so long as your business is incorporated as a limited company, you should know the answers to the questions posed above.
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