Debt Solutions in the UK

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.

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Dealing with Personal Debt via Bankruptcy

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

Teach yourself about IVAs

The purpose of these pages is to give basic and straightforward answers to queries that individuals want to pose on the subject of IVAs and insolvency in general but may avoid doing this for all sorts of reasons. Let’s begin with examining a scenario when somebody is preparing to get married but is concerned that their fiancé may perhaps be insolvent and that their insolvent fiancé’s creditors might seize their money after the wedding. Although love may be blind, it would be natural for partners to reveal to each other the state of their financial situation prior to getting hitched or even before beginning to co-habit. This is desirable simply because failing to reveal monetary troubles before starting to live together could lead to a failure of trust subsequently in the union in the event that one partner happens to be insolvent and their financial difficulties come to the attention of the other solvent party.
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Comparing an IVA with Bankruptcy

When you are unable to pay your debts, it is inevitable that you might consider doing one of the big Insolvency solutions that are available in the UK, such as an Individual Voluntary Arrangement (IVA) or Bankruptcy. Naturally there might also be other more favourable solutions available to you also, such as a DRO. When you get to a level of unaffordability where doing nothing is not an option, you will need to research your options. Ultimately, whatever the quality or amount of advice you seek, it will be up to you to make a decision of which option is best.

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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