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
Debt
Unique articles written by our knowledgeable staff about debt and debt solutions
Doing an IVA from abroad
A question that we are asked regularly is if someone who has debts in the UK and lives outside of the UK, can they do an IVA in the legal jurisdiction of the UK while still continuing to live abroad. The short answer to this question is ‘YES, but…!’ Continue reading
Joint debts in an IVA
If you are insolvent and considering offering IVA proposals to your creditors you should be aware of the standard treatment of joint debts in an IVA and how your IVA is affected if you have one or more debts jointly with your spouse or partner. A joint debt is a debt taken out by two or more people but in most cases just by two people.
Continue readingInsolvency explained
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
Fair treatment for Mortgage Arrears
So you have fallen into arrears with your mortgage payments. Bear in mind that this is not a hanging offence. It is not even a criminal offence. In fact there are certain standards that you can expect your mortgage provider to adhere to as you try to cope with the inevitable stress of the situation. Continue reading
Mortgage Arrears
Falling into arrears with your mortgage payments is stressful. The stress arises from the fear of losing one’s home. The most common root cause of mortgage arrears is inability to pay caused by a reduction in income arising from loss of employment or reduced working hours or reduced pay rates. It can also be caused or aggravated by increases in mortgage interest rates and living costs. In a minority of cases, lifestyle may be a significant factor with addictions such as drink, drugs or gambling resulting in missed or late payments and ultimately mortgage arrears. Continue reading
Improving your credit rating
Who Keeps Credit Scores?
In the UK there are three main Credit Reference Agencies which get their information from lenders with the permission of the borrowers who, when they sign up to a loan agreement, consent to this type of information being disclosed. Of course, if consent is withheld, the lender may not pass on details of the borrower’s agreement. Continue reading
Questions for your Insolvency Practitioner
The old cliché ‘fail to prepare, prepare to fail’ can be applied to your personal circumstances when you are encountering financial difficulties. You may be considering going to a financial expert to get advice on what your options are in trying to address your problems. The recognized expert in the UK is an Insolvency Practitioner or IP and the equivalent in Ireland is a Personal Insolvency Practitioner or PIP. Continue reading
Baillifs – Your Questions Answered
Can I stop bailiffs visiting my home?
There is only one certain way to stop bailiffs visiting your home and that is to pay the money you owe. You should talk to the person or business to which you owe the money as soon as possible to get advice on how to pay your debt. Continue reading
Tax Credits in an IVA
It is natural being afraid of the unknown but it’s far better to address the unfavorable aspects of any course of action than to refrain from confronting the issues entirely. The IVA (Individual Voluntary Arrangement) process is just one of those that a person may have an illogical fear of. Continue reading