Dealing with Bad Credit

You begin to get a bad credit rating when you fail to repay borrowings in accordance with the agreed terms and conditions. If you don’t make your repayments on full and on time, the price you pay is deterioration of your credit worthiness or to put it another way you acquire a reputation for ‘bad credit’. Continue reading

Why Should Creditors Be Able to Claim My Property?

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

College Students Facing Debt Problems

Many students who expect to graduate this year can have loans of £25,000 or even more to dampen their determination when they seek to join a less than buoyant employment market. Research studies have found that half of those individuals presently graduating imagine that it will take them a minimum of ten years to repay their student obligations while ten percent believe it might take as long as two decades to be free from debt. Thanks to university tuition costs inexorably escalating every year, the average student liabilities may well escalate to as much as £80,000. Continue reading

Different Types of Personal Debts

We quite possibly have difficulties in differentiating between distinct types of consumer debt and banks can be less than useful in explaining these distinctions. One difference which is crucial to be familiar with is whether a particular liability is secured or unsecured. For example take circumstances where you are contemplating buying a car or some other type of motor vehicle. There are a wide variety of ways that you might use to pay for your new or second hand vehicle. If you have the available funds, you may pay wholly in cash. Then again you might purchase your vehicle through trading in your old car and paying the rest in cash. Continue reading

Bankruptcy term length in Ireland

Justice Minister Alan Shatter recently circulated the specifics of the Civil Law (Miscellaneous Provisions) Bill which will provide the outcome of decreasing the term of bankruptcy in Ireland. Bankrupts according to the proposed new legislation will ‘enjoy’ guaranteed release from bankruptcy after twelve years but will be legally permitted to submit an application for release from bankruptcy after five years.
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Repaying Debts Using a Debt Management Plan

Debt Management is a simple process which you can use to reduce and clear all your outstanding debts without the need to obtain any further credit than what you already have. If you choose to use a debt management company to assist you in this process, it will deal directly with your creditors and it will negotiate with your creditors on your behalf. It will seek the agreement of your creditors to drop all charges on your loan accounts and to freeze all interest. There are a number of benefits for you the debtor and for your creditors arising from your entering into and adhering to the terms of a debt management plan, commonly abbreviated to a DMP. Continue reading

Relieving the Suffering of Personal Debt

When men or women start thinking about their own acute debt worries they occasionally contemplate how awful it would be if they had to go bankrupt. Whether or not they petition for their own bankruptcy or one of their creditors petitions for it, the stigma or imagined stigma of bankruptcy is the worst type of emotion a person may have some. However, there are several other great and pragmatic remedies other than personal bankruptcy. It might perhaps even be more desirable for both the consumer and his or her creditors to employ a different procedure to bankruptcy. Continue reading

Dealing with Personal Debt

Plenty of people have private day-to-day money worries. Many people wish to do something relating to them, essentially to get them to disappear. There are many approaches to situations of individual indebtedness to choose from. The thing is when and where to commence. We want to fully grasp how serious our problems are and score our predicament on a scale of one to ten. A score of one could be a status of being prosperous and comfortable with ten being in a condition of ‘hopeless’ individual indebtedness. However of course that there’s always hope! Especially in the UK where enlightened laws and the ‘fresh start’ strategy for personal debt is offering more than just hope. There are attractive alternative options that the fiscally burdened person can certainly carry out, no matter what the severity of personal insolvency. Continue reading

Fall in levels of Insolvency

In recent months I have written on the dramatic growth of personal insolvencies in the UK over the last decade and of the reasons behind this growth. That is to say it was primarily down to the explosion of availability of credit and other economic factors. I have suggested that it will only get worse before it gets any better. Then earlier this month the third quarter statistics were released by the government’s Insolvency Service. They showed that for both forms of personal insolvency, bankruptcy and individual voluntary arrangements, there has been a fall. Continue reading

Self Employed Workers and IVAs

Over the past few months there have been numerous press articles concerning the increasing level of personal insolvencies and in particular Voluntary Arrangements (IVA’s). IVA’s were introduced in England and Wales in 1986 followed by Northern Ireland in 1989. Initially, they were aimed specifically at trading businesses and the self employed but are now most commonly used by individuals who have amassed uncontrolled levels of unsecured debt. Continue reading