Rafael is a college student. She’s living on her own, for the first time in her life. She’s budgeting and learning how to pay her own bills. She doesn’t have any specific accounting or financial skills.Continue reading “The Best Advice on Money and Budgeting”
Nicholas’ fight with a debt collection agency hit a new turn when he received a letter from his creditors, threatening to send someone out to his house to collect my good and assets.Continue reading “Bailiffs Help and Advice:”
You may be living in Scotland and find yourself struggling to your pay day-to-day bills or to keep up with loan repayments and other financial commitments, there are a number of options open to you to help clear your debts.Continue reading “Minimal Assets Process: The Debt Solutions”
It all started innocently enough for David. Like most of us, whilst in college, he had to apply for a student loan, to help him with his school cost and books. Soon after, they told him he was qualified enough for a credit card.Continue reading “Types of Debt: Which is Best for You?”
An IVA is a contractual agreement between yourself and your creditors which is set for you to pay either all or part of your debts. Under this agreements you agree to pay a set monthly fee to an insolvency practitioner who then divides the money between your creditor’s or Individual Voluntary arrangements are almost the last possible solution before bankruptcy. When a person enters into an IVA , it is a contractual agreement that is recorded on your credit file and has its pros and cons depending on the situation you are in. One of the advantages are that an IVA gives your more control of your assets compared to bankruptcy
Anyone considering an IVA must carefully analyse their situation and may be speak to a debt advisor who can give professional debt advice.
There are many organisations that offer Free Debt Advice and can help provide you with information on your Debt situation and will allow you to reach a decision on whether an IVA or an Individual Voluntary arrangement is right for you
Get an IVA (Individual Voluntary arrangement
In order to get an IVA you must instruct an Insolvency practitioner. The insolvency practitioner whom you decide to work with will calculate how much you can afford to pay and how long the IVA will last(normally 5 years)
Once it is agreed that you qualify for an IVA and that it is the best solution for your individual needs,, the Insolvency practitioner will contact your creditors and and hold a meeting with them(not literally) but on paper. The IVA starts providing 75% of your creditors agree to the IVA and it will then apply to all your creditors including those creditors who disregard this.
Benefits of an IVA
An IVA will stop creditors form chasing you or writing to you. This will also freeze any further interest being added to your debts
Cost to Set up an IVA
Normally there are 2 types of costs incurred when arranging an IVA . These costs include the initial set up fee and a handling fee . Both fees are normally included within your agreed monthly payment
Will an IVA adversely affect my Credit file
I am due Compensation for an accident i was involved in, will i get that award?
In short yes. The IVA shows on your credit file and it will affect your credit rating
No. All your compensation will go directly to the Insolvency practitioner and you will not get any of the award.
Where can i get a list of Organisations that can help me with Free Debt Advice?
Most organisations that can offer this service can be found on the Financial Conduct authority Website. Example of firms that can assist you with such a service are Citizens Advice Bureau and the Money Advice ServiceContinue reading “What is an IVA and How Does It Work?”
A county court judgments, popularly known as CCJs, are decisions on how you should pay up what is owed to your lenders, issued by a county court after a person’s failure to repay his debt to an individual or organizationContinue reading “How to Dealing with County Court Judgments”
The words “equity release” is enough to send shivers up some people’s spines. There have been some horror stories about this retirement option, and I dare say some of them are true. Last year, homeowners withdrew over £3bn through equity release products, according to data from the advisers Key Retirement.Continue reading “Equity Release Mortgage: Best Step By Step Guide”
Karen Wilde, 46, from Manchester always lived in fear of phone calls. She also panicked whenever she had a knock at the door. They used to come or call every day, she would say, it was driving me “crazy “and it was during one of those visits by debt collectors that she finally had a meltdown and asked the debt collector to leave.Continue reading “Debt Management Companies: Which is Best for You?”
Chris had his own business. Everything went running perfectly, but the recession hit him hard. Utility bills built up and his business just wasn’t bringing in enough money.Continue reading “Sequestration Scotland: Method to apply for Your own Sequestration”
Debbie was a single mom who owed over £30,000 to various creditors. This would have been hard enough, but she was earning just £40,000 a year when she started her debt pay off. With her income not adding up, she knew she needed a good debt solution to tackle her debts.Continue reading “The Complete Guide on Debt Solutions (Step by Step)”