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Balance Transfers on Credit Cards.

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What is a balance transfer?

Despite the “credit crunch” that we have heard so much about in recent months, low rates of interest can still be available to the UK consumer. Many credit card providers seek to attract new customers with introductory offers of low rates of interest – These rates can even be zero. For a small percentage fee you could transfer your Credit Card Debt with a high rate to a new account with perhaps a zero rate which can be held in some case for up to fifteen months. Continue reading →

Reducing debts in an IVA

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A fundamental precondition for being permitted to be accepted into an Individual Voluntary Arrangement (IVA) quite simply will need to initially be insolvent. Whilst there are different solutions for the insolvent debtor for instance bankruptcy, this assessment is going to simply look at the advantages and drawbacks of the IVA choice should you be unfortunate enough to find yourself in this difficulty. Continue reading →

Topics to the Irish Administration with regards to Credit Card Debt

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It guaranteed to hit the ground sprinting and the new Irish Government will before you know it be a hundred days in office. It is fully committed to bring about numerous changes and for that reason perhaps now is the occasion to ask various concerns as to exactly what it is providing concerning the ordinary person as distinct from what it is accomplishing in relation to finance companies, builders, NAMA and sovereign interest rates in its admittedly demanding efforts to meet its committed EU and IMF performance targets. Continue reading →

The Reason Why Bankruptcy in Ireland is Draconian

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Time and money are generally major resources in almost any flourishing enterprise. These particular significant building blocks involve and conjure up concepts such as expenses, budgets, output, due dates, earnings funding and so on. The range really is limitless. The analogy with bankruptcy or in other words the legislation dealing with bankruptcy in Ireland springs to mind.

The primary criticisms of Irish individual bankruptcy law are that bankruptcy costs too much and it also lasts too long. Because of the need for the bankruptcy to be dealt with by the high court, costs of the order of £30,000 are the norm. What lender can afford that? Without having any possibility to check out the estate of the bankrupt in advance, what creditor will take a chance on petitioning for a debtor’s bankruptcy without any guarantee that properties and assets realized will take care of such enormous charges, much less begin to settle debts? Continue reading →

Can Debt Consolidation Actually Work?

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There are several advantages to merging your debts into a single consolidation loan. For many people might be appealing to have to make just one single monthly repayment in place of many repayments. Making lots of monthly payments towards a number of creditors in respect to a few different accounts is time consuming, specially when funds are limited and there is insufficient cash for everyone. You’ll have to select which debts really are ‘priority’ ones. Those you should take care of. With regard to the rest you simply must make do with whatever you can afford to pay, regardless of whether in some instances it is less than the contractual amount that you should be paying. One big advantage – whether perceived or real – is that you have just one single lender to take care of rather than many creditors. Managing your financial situation in addition to repayments can be simplified. It is also probable that your credit rating will get better specifically if you include all of your credit card accounts in the debt consolidation. Along with those benefits, the recurring repayment relating to the consolidation loan could be less than the sum of the repayments relating to the many different loans. Continue reading →

Do I Include Secured Debts In An IVA

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If you are thinking about proposing an Individual Voluntary Arrangement to your creditors, you should be clear as to what debts must be included in the IVA proposal and which debts must be excluded.

Your Insolvency Practitioner (IP) will verify this for you but even before you take that first step of seeking advice you should be aware that not all debts can be addressed via an IVA. Some debts must be paid in full on an ongoing basis and you must make allowance for these when preparing your monthly household Income and Expenditure Statement. Continue reading →

What Is The Cost Of An Individual Voluntary Arrangement

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If you are insolvent and are considering entering into an IVA you may be worried about whether or not you can afford the fees involved with the process. This is understandable but it should not really be a concern. If the insolvency firm you are using for your IVA is any good at all then they should put this concern to bed quickly and assuredly. Continue reading →

Choosing What Bills Are The Most Important To Pay First

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People have to live so in assessing which bills to pay first, one must consider the essentials of life – food and shelter.

Making sure you pay your priority debts comes before all your other debt payments and is regardless of whether you are getting pressure from your creditors. Your priority debts are paying for somewhere to live, food and drink, clothing and heat & light, your main necessities. Priority debts may also include your mortgage. So then you must aim to pay these bills first – the mortgage / rent, utility bills including heat, light and water, and of course food, drink and clothing. Even in a situation where there is insufficient income or money to pay all of the bills, these essentials of life must command the most attention from us or day to day living will become impossible. Continue reading →

Safe Debt Solutions – Debt Management

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If you are having financial trouble and are having difficulty repaying your creditors, one of the debt solutions you are likely to become aware of is a Debt Management Plan. This is known as one of the big three debt solutions in the UK in terms of the number of people who use them. The other two are Individual Voluntary Arrangements (IVAs) and Bankruptcy. It is estimated that there are up to one million consumers in the UK currently in debt management plans with their creditors. Continue reading →