Once you default on repayments of a loan, credit card or other form of debt, the chances are that your credit rating will be damaged. Even missing a single payment may cause an adverse record to be made that can make it more difficult for you to obtain credit in the future. Continue reading
Some debts we must pay. No matter what our financial circumstances we must give priority to food and shelter. We must eat and drink, have somewhere to live and have clothing, heat and light. After that, all our debts have a lower priority. Continue reading
Insolvent persons who are considering entering into an Individual Voluntary Arrangement (IVA) with their creditors are often concerned as to whether the world generally and certain other people in particular will find out about them and learn that they are in financial trouble. This is a very understandable worry. Continue reading
When creditors set out to recover monies owed to them they have a wide range of tools at their disposal. Three of the most commonly used legal mechanisms available to creditors are Charging Orders, CCJ’s or County Court Judgments and Statutory Demands.
Once you owe money to loan providers or some other lenders they’ve got the legal right to seek the payment of such obligations in keeping with the conditions and terms under which the monies were borrowed or the liability was sustained at the outset. If in spite of this the customer simply cannot or will not follow the contracted repayment schedule in that case lenders are able to avail of an array of means to force the overdue consumer to repay the money they’re owed. Examples of these are getting a County Court Judgment (CCJ) against the borrower and following this up with measures by bailiffs which might include the seizure of goods or other assets. Continue reading