It was revealed earlier this month that bankruptcy levels in England and Wales had reached the highest on record, with the financial crisis and the ongoing recession forcing more and more people into insolvency. (more…)
Posts Tagged ‘bankruptcy’
New record for bankruptcy levels
Monday, June 15th, 2009
Debt advice companies and charities get new powers
Monday, May 19th, 2008Rising personal debt levels in the UK have resulted in many consumers seeking advice and debt management assistance from one of the number of debt advice companies and charities around, and many have entered into debt management plans through these firms. However, in the past they have experienced difficulties in terms of making arrangements with creditors, who are often unhappy about freezing interest, accepting lower repayments, or writing off a portion of the borrower’s debt. (more…)
IVA homeowners could face problems
Tuesday, March 18th, 2008Over recent years Individual Voluntary Arrangements, or IVAs, have become increasingly popular with borrowers that have found themselves in unmanageable levels of debt. With an IVA, if agreed, the borrower pays a set amount each month, which is then distributed amongst all creditors on a pro rate basis, and the term of the agreement is usually five years. At the end if the five year period any remaining debt is written off leaving the borrower debt free. (more…)
Options That Can Help Clear Your Debts
Sunday, March 9th, 2008These days, with the level of consumer debt in the UK at record highs, many people find themselves suffering from debt problems, and once these problems start they can quickly spiral out of control. Often, it is people with a number of high interest debts such as credit cards, store cards, and high interest loans, that find themselves experiencing problems when it comes to repayments, and with interest rates still high coupled with food, energy, and petrol costs on the rise, the financial outlook for those in debt can be very bleak. (more…)
Will IVAs become more transparent?
Saturday, March 8th, 2008In the past many consumers had no idea what an IVA was, but awareness has been raised over the past couple of years following a series of glossy advertisements run by a number of debt management agencies. An IVA, or Individual Voluntary Arrangement, is a legally binding agreement between a borrower and his or her creditors with regards to the repayment of debts. The aim of an IVA is to get the borrower out of debt more quickly, increase short term affordability for the borrower, and enable creditors to recoup some of what is owed to them. (more…)
The benefits of an IVA
Monday, February 25th, 2008Individual Voluntary Arrangements, also known simply as IVAs, have become more widely known over the past couple of years, with awareness about this course of action raised through a range of advertising from IVA specialists. This is a debt management tool that has become known as a softer alternative to bankruptcy. In order to be eligible to go down the IVA route you need to meet specific requirements and this includes having unsecured debts of at least £15,000, you or your partner being in full time employment, and owing money to a number of creditors. (more…)
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