What is a Debt Management Plan?
A Debt Management Plan or DMP is what it says on the tin – a plan agreed with your creditors to repay your debts over a period of time by making regular, usually monthly, payments until all of your debts are cleared. Continue reading
Incorrect financial information
Creditors take it for granted that you are truthful in your IVA Proposal about your current financial circumstances and how they arose. They expect you to be open, frank and honest and to disclose all relevant facts about your income, expenses, assets and liabilities. If a creditor is aware that you are hiding some important fact about your insolvency they then they will be dubious about the IVA proposal as a whole and be likely to reject it. Continue reading
There are a huge number of people in Debt Management Plans in the UK. Many of them have varied circumstances as to why they are in Debt Management over other solutions. Some may be solvent but to pay off their debts in full in accordance with the terms on which they borrowed the money in the first place they would have to dispose of some of their assets such as a house, and many of them are not prepared to do this. Continue reading
If you find yourself deep in debt, there are seven main options which you can consider to address your predicament. In England, Wales and Northern Ireland, about 98% of people who decide to do something about their personal debt problems opt for one of these seven courses of action. Which solution appeals to you? Which solution are you eligible to go for? See if your circumstances match any of them.
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
When personal insolvency is staring you in the face, the decision as to which solution to go for is a major one. Even after taking the best advice available, it still boils down to your own personal choice in the end. Continue reading
A Debt Management Plan is one of a number of ways of reducing the amount of money you owe to your creditors. It’s relatively easy to set up and it’s quite an informal way to address your debts in a simple yet structured way. Continue reading
Here we look briefly at a Debt Management Plan as a means of dealing with personal debt. This is the second of the four main approaches we are looking at in this series of articles about Dealing with Personal Debt. In the first article we looked at Debt Consolidation. Continue reading
What is a Debt Management Plan?
A Debt Management Plan or DMP for short, is an informal debt solution designed to help you pay back your debts by means of affordable monthly repayments. In the plan your debts are paid back entirely, or until you decide to opt out of the plan. The speed at which you pay creditors depends on how much you can afford to pay each month and whether or not interest and charges are frozen. It is for this reason that Debt Management can last for a long period of time in some cases. If you use the services of a Debt Management Company to assist you in setting up your plan, they will be able to determine how long it will last for, after they have received all information about your circumstances. Continue reading
Most citizens of member states of the European Union (EU) are unaware of certain unexpected benefits that EU membership conveys in relation to personal insolvency. These benefits are rooted in the principle of the free movement of labour which EU citizens enjoy within the EU and are particularly relevant for those who find themselves overburdened by debt and threatened with aggressive insolvency proceedings in certain member states of the EU. Continue reading