Credit card debt peaks at Christmas time for obvious reasons and January can be a painful time as we try to deal with our festive debt. Short of cutting up our credit cards, there is no sure way to fully control our spending. Nevertheless, a few practical steps taken now will minimize the pain.
(more…)The majority of residents of member states of the European Union (EU) are not aware of some unexpected features that European Union membership provides in connection with personal insolvency. These particular perks are grounded in the principle of the unbridled migration of labour which EU people enjoy throughout the European Union and are undoubtedly relevant for those who find themselves loaded down by individual liabilities and can be threatened with intensive bankruptcy proceedings in some member states of the European Union.
(more…)When debts get to the point where bankruptcy is a real option, it’s vitally important that you make a decision that will be best for you in both the long and short term. Individual Voluntary Arrangements are frequently used to avoid bankruptcy, but are only useful in a certain set of circumstances.
(more…)You do not need to be insolvent to enter into a Debt Management Plan. If you are insolvent you should be considering solutions such as bankruptcy or an individual voluntary arrangement (IVA). Having said that, let’s have a look at some key aspects of Debt Management.
(more…)The general public has a perception that soldiers have secure well paid employment and do not have financial problems like the rest of society. Nothing could be further from the truth.The death of a spouse, divorce or separation, unplanned pregnancy, poor health, the loss of overtime or simply living beyond one’s means can trigger a financial crisis for soldiers and their families with an impact far greater than the general public realizes.
(more…)Police Officers are generally looked up to by the public at large as model citizens who provide valuable services and it is important that trust is maintained between the police and the public.
(more…)The only condition necessary to enter an IVA is that the debtor is insolvent or in simple terms unable on an ongoing basis to pay his or her debts as they fall due.
(more…)You would only consider bankruptcy if you were insolvent so let’s assume that you are. There are alternatives to bankruptcy such as an IVA but let’s just consider bankruptcy as a possible solution for you by looking at the pros and cons.
(more…)Before entering an Individual Voluntary Arrangement people may be concerned about payment of fees. This should not be a worry since it is really the creditors who pay the fees. Monies which the insolvent debtor contributes to the IVA go towards repayment of his or her debts. These contributions make up ‘the IVA fund’ and the fees of the IVA are paid from this fund.
(more…)Whether you are in a relationship, are married or cohabiting, once you encounter financial difficulty, it may well be worth considering the options open to you as a couple in dealing with problems of personal debt.
(more…)To be eligible for an IVA you must first be insolvent so let’s assume that you are. There are alternatives to an IVA such as bankruptcy but let’s just consider an IVA as a solution for you by looking at the pros and cons.
(more…)From the debtor’s point of view the attraction of BCY (Bankruptcy) is that in a relatively short period of time all debts can be dealt with and creditors removed from one’s back, so to speak. This is not the case in a DMP (Debt Management Plan), where there is little or no prospect of light at the end of the debt tunnel and creditors are not going to go away any time soon.
Bankrupt debtors will be discharged from bankruptcy in one year although they may have to make payments to creditors via an income payments order controlled by their trustee for up to three years.
Not so in a DMP. Creditors do not write off any debt and indeed some creditors may continue to charge interest and penalties with no freeze on the total debt. The voluntary nature of a DMP is such that neither debtor nor creditors feel bound by its terms. Thus a DMP can last for many years.
If you live in the Republic of Ireland and if your income is not solely comprised of PAYE income, then you probably should be making tax returns and tax payments by the deadline date which is 31st October 2010 (or 16th November 2010, if you make your returns on line).
(more…)From the debtor’s point of view the attraction of an IVA (Individual Voluntary Arrangement) is the length of the sentence, so to speak. In a DMP (Debt Management Plan), the sentence (i.e. the likely duration of the DMP) must seem to many debtors that it is going to last forever – without hope of parole.
(more…)Disposable income is the amount of money left over after all essential household expenditure (not including payments towards unsecured debts) has been deducted from household income.
(more…)The government has recently published a new consumer White Paper with the rather lengthy title “A Better Deal for Consumers: Delivering Real Help Now and Change for the Future”.
(more…)The contrast between the UK and Ireland in dealing with personal debt problems is quite remarkable. The most startling contrast is perhaps the difference in the bankruptcy legislation.
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