Archive for the ‘Debt Management’ Category:

Options for unaffordable debts

The anxiety that comes with not being able to manage your debt payments can make life seriously stressful. It can seem like the more things get out of control the fewer options you have left. However, there may be more choices left than you think, and acting promptly and with the right advice is hugely valuable. Continue reading “Options for unaffordable debts” »

Alternatives to an IVA

When your finances are in trouble, it can seem like your choices are few and far between. There are so many adverts offering instant solutions to debt problems it can be a real task figuring out which ones may actually help you. However, you may find that things aren’t as dire as they seem. With the right advice you can take the decisions that will set you on the path to a more stable future. Continue reading “Alternatives to an IVA” »

Debt Management Plans and Creditors

A Debt Management Plan is a plan to help people to manage and repay their unsecured debts when they encounter financial problems.  A Debt Management Plan involves working out a monthly budget on which the debtor can live with surplus cash being used to pay off debts. Continue reading “Debt Management Plans and Creditors” »

Debt Management Questions answered

What is Debt Management?

Debt Management is a simple process to reduce and clear all outstanding debts without obtaining further credit.

The Debt Management Company you choose to use will deal directly with your creditors and negotiate on your behalf and will seek to have charges dropped and interest frozen. Continue reading “Debt Management Questions answered” »

Can I go from Debt Management to an IVA?

Being in a Debt Management Plan (DMP) should in itself not prevent you from offering proposals for an Individual Voluntary Arrangement (IVA) to your creditors. Continue reading “Can I go from Debt Management to an IVA?” »

Can Creditors refuse my Debt Management Plan

The Office of Fair Trading (OFT) in March 2012 published Debt Management (and Credit Repair Services) Guidance OFT366rev in which it addressed the responsibilities of creditors when dealing with third parties such as Debt Management Companies (DMCs) acting on a client’s or debtor’s behalf. This is some of what the OFT had to say in this publication: Continue reading “Can Creditors refuse my Debt Management Plan” »

Debt Management or an IVA?

Deciding what solution to go for is a serious business for the insolvent debtor. The usual choices are Bankruptcy (BCY) – often described as the last resort option, an Individual Voluntary Arrangement (IVA) – seen as a relatively new solution although IVAs have actually been about for almost twenty five years now – and a Debt Management Plan (DMP). Continue reading “Debt Management or an IVA?” »

Self administered Debt Management

Debtors considering entering a Debt Management Plan will usually do it with the advice and assistance of a service provider such as the CCCS, CAB and Payplan or a commercial provider of insolvency services. Continue reading “Self administered Debt Management” »

Alternatives to an IVA

Alternatives to an IVA

Most of us have personal money worries and want to do something about them. We know that there are solutions out there. The problem we have is that while we know that we need to do something, we don’t know where to begin and so many of us do nothing. Continue reading “Alternatives to an IVA” »

Debt Solutions compared

Different Debt Solutions and How they work

The contrast between Bankruptcy and a Debt Management Plan is startling in terms of what creditors can expect to receive from borrowers who encounter financial difficulties. Continue reading “Debt Solutions compared” »