Debt Management is the best way for many people to deal with the debt problems they are finding themselves in with todays financial situation. There are a number of options available to people living in the UK.
An IVA or individual voluntary arrangement is the most appealing option, over a five year period a person can become debt free, get the majority of their debt written off, without significant risk to their house or assets.
It is legally binding which gives substantial protection from creditors, interest charges and other charges they like to add to the debt.
Another appealing option is a debt management plan a plan like this reduces your monthly payments to one affordable payment, allowing you to continue with your current lifestyle, but often means extending the length of you period of debt.
Bankruptcy can be seen as an unappealing debt management option, but it can be the perfect solution with someone with large debts and no property. It is quick, writes off all debt and allows for a clean break.
It is both unwise and illegal to recommended debt solutions off the shelf. To find out which is the best debt solution for your circumstances we would recommend you should get personally tailored debt advice from a professional debt management company.
Author: JoshuaHunter
Friday, June 19, 2009
Debt and Finance - Debt Management
Not so long ago, bankruptcy was the only way to avoid crippling debt. If nothing else, it comes with lots of punitive restrictions on your business life but there are other forms of debt management.
Legislation has moved on. There is a lot more of it, and debt legislation is no different.
For example, Debt Relief Orders (DROs) are now available and allow for debt relief for those who are not in “too much” debt. The debt owed must be less than £15 000, and the assets held by the debtor must be minimal, less than £300 at present. The exception is that a car may be worth up to £1000. So you could hang on to that Fiat Panda.
If you don’t like the sound of government inspired legislation based schemes, it is possible for you to arrange to alter your arrangements with your creditors. But beware, your creditors do not have to stick to any agreed changes and you could find yourself back where you started.
So long as you have a full list of your creditors, an insolvency company (make sure they are registered) might be able to sort this out for you. This process is known as an Individual Voluntary Arrangement (IVA), and the debt owed must be less than £15 000. The insolvency company will make arrangements with the court and with your creditors. It is possible that a lot of your debt could be written off.
Author: stickystebee
Legislation has moved on. There is a lot more of it, and debt legislation is no different.
For example, Debt Relief Orders (DROs) are now available and allow for debt relief for those who are not in “too much” debt. The debt owed must be less than £15 000, and the assets held by the debtor must be minimal, less than £300 at present. The exception is that a car may be worth up to £1000. So you could hang on to that Fiat Panda.
If you don’t like the sound of government inspired legislation based schemes, it is possible for you to arrange to alter your arrangements with your creditors. But beware, your creditors do not have to stick to any agreed changes and you could find yourself back where you started.
So long as you have a full list of your creditors, an insolvency company (make sure they are registered) might be able to sort this out for you. This process is known as an Individual Voluntary Arrangement (IVA), and the debt owed must be less than £15 000. The insolvency company will make arrangements with the court and with your creditors. It is possible that a lot of your debt could be written off.
Author: stickystebee
Debt Advice Specialists
In a financial world gone mad, there are so many terms out there, so many specialists offering advice on this and that - but what do they do? Where does one go when there finances have taken on a mind of their own and no one seems to be in control?
First, there are many services available that can assist you in making some choices with debt management. If you feel your finances have taken control of you, it's time to get some help. But, it's hard to know where to turn.
Debt advice specialists are a good place to start. There are many services available, so jump on the internet and start surfing. These services assess your needs and refer you to those who can best address your specific area of financial problem. They have the knowledge to dig into the details and find what you really need and refer you on.
In a nutshell, debt advice specialists give free advice on a limited basis, refer you to someone who will give you a tailored solution to become debt-free and give you a point of contact. Some services can formulate the plan for you unless you require IVA's or legal advice, in which case they would refer you.
The first issue the debt advice specialists will address is managing your debt. If possible, they will assist you in putting together a plan of repayment that you can afford and help you with a budget. Again, this all depends on the depth of your debt.
One of the biggest areas that debt advice specialists assist in is negotiating with creditors to stop late charges or reduce high interest rates. Many people could bring their finances under control if they could rein in these issues. If this is you, call; specialists can help you.
Credit card issues are by far the greatest thorn in the flesh of those trying to manage their out of control debt. Call a debt advice specialist today and find out how they can help you get control of your life again. It may be easier than you think.
Author: stickystebee
Use the Internet to Make Money (LOTS of money)
Erase Debt Legally
Lower House Payments with Loan Modification
First, there are many services available that can assist you in making some choices with debt management. If you feel your finances have taken control of you, it's time to get some help. But, it's hard to know where to turn.
Debt advice specialists are a good place to start. There are many services available, so jump on the internet and start surfing. These services assess your needs and refer you to those who can best address your specific area of financial problem. They have the knowledge to dig into the details and find what you really need and refer you on.
In a nutshell, debt advice specialists give free advice on a limited basis, refer you to someone who will give you a tailored solution to become debt-free and give you a point of contact. Some services can formulate the plan for you unless you require IVA's or legal advice, in which case they would refer you.
The first issue the debt advice specialists will address is managing your debt. If possible, they will assist you in putting together a plan of repayment that you can afford and help you with a budget. Again, this all depends on the depth of your debt.
One of the biggest areas that debt advice specialists assist in is negotiating with creditors to stop late charges or reduce high interest rates. Many people could bring their finances under control if they could rein in these issues. If this is you, call; specialists can help you.
Credit card issues are by far the greatest thorn in the flesh of those trying to manage their out of control debt. Call a debt advice specialist today and find out how they can help you get control of your life again. It may be easier than you think.
Author: stickystebee
Use the Internet to Make Money (LOTS of money)
Erase Debt Legally
Lower House Payments with Loan Modification
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