If you are sick or injured, you don’t have to be a medical expert to know that you need to go to a doctor for treatment. You just instinctively know that you don’t feel well and that your GP will in all likelihood be able to help you. The process is simple: you go along to see your doctor. You describe your symptoms or condition, the doctor may ask you questions, may perhaps examine you, may initiate some tests, may offer you his or her diagnosis of your condition or injury, may prescribe medication or other treatment, may refer you to a specialist or a medical consultant or may send you to hospital. Continue reading
If you live in England, Wales or Northern Ireland and are trying to deal with your personal debt, it is worth considering the various remedies that may be available to you. Continue reading
In our first three articles in this series, we looked at Debt Consolidation, the Debt Management Plan and the Individual Voluntary Arrangement as three of the main approaches for dealing with personal debt problems. In this fourth and final article we will briefly look at the last of the main processes that are specifically targeted at debtors who are insolvent i.e. Bankruptcy. Continue reading
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
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.
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
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
Debt Management Plans (DMPs) are much in news reports currently. A few unfavourable issues with the sector made the biggest headlines. Like any enterprise a handful of bad apples can give the barrel a bad name. In Britain the Office of Fair Trading (OFT) has recently taken actions to handle the bad apples. Essentially the most significant offences it has identified took place in the areas of marketing and charging behaviour. In September 2010 it issued a warning to 129 debt management companies and followed that up with high profile enforcement actions against the worst offenders. The OFT plans to publish revised debt management direction in June 2011. It is not evident now whether or not the government plans to introduce any laws to control DMPs. Still the Ministry of Justice has circulated a consultation document relating to the way forward for DMPs. Three options for regulation are being offered. They are to marginally enhance regulation by the OFT, to introduce industry self regulation with voluntary codes of practice and/or to create a fresh solution i.e. a statutory DMP. Since the DMP is the predominant personal insolvency solution in the UK at the present time, it is perplexing that the government seems to shrink from the obligation of legislating in this area. So what is the current condition of national debt management advice and how can it give relief to debtors? Continue reading
Being in debt is a very harrowing experience and affects all areas of an individual’s life and affects their family as well. The level of debt varies from family to family, but the effects appear to be the same. People are suffering from distress and stress, depression and aggravation of illnesses, such as diabetes. We have also found that the level of communication is also a factor in how the families deal with their debt. Do couples talk about their debt, or is it hidden from each other? It appears to be important that the couples have talked about how the debt has arisen and if one person has created all the debt, that individual has “confessed” all of the debt that has been created. Debt can result in family trauma, for example separation and divorce, and there is hearsay evidence to say that 99 per cent of all bankrupts are either separated or divorced. Continue reading
You are probably aware the Current Construction Industry Scheme (CIS) will be replaced by a new system from April 6th 2007. There will no longer be any CIS registration cards, certificates or vouchers.
Instead contractors will now have to “verify” new sub-contractors directly with HM Revenue and Customs (HMRC). In addition, each main contractor must decide whether anyone being hired is either self-employed or an employee and must sign a declaration to that effect.