Archive for the ‘Advice about bankruptcy’ Category

What is an IVA?

Monday, September 21st, 2009

IVA stands for Individual Voluntary Arrangement.

Essentially, it’s a formal agreement between you and your unsecured creditors, allowing you to make more manageable payments towards your total amount of debt. The result being that you pay off a percentage of that total and, after about 60 months, the debt is considered settled. Your level of monthly repayment is determined by careful examination of your income. After setting up an IVA, providing you meet your payment schedule, the creditors are legally prohibited from adding other charges or further interest to your debt.
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The perils of bad debt advice

Friday, September 18th, 2009

Even though it can often feel that there’s no way out of bad debt, there can sometimes be quite a lot of options open to people who are facing debt problems. In fact, there are so many options that sometimes it can quite difficult to decide upon the best debt solution to suit your circumstance. So, how do you know who to listen to? Obviously, the right debt advice from the right person can help you to get out of debt. However, just because it worked for your relative, colleague or neighbour doesn’t mean it’s the right option for you. There’s also advice from a specialist debt advisers, who again can help you get out of debt. Always be sure that this debt advice is tailored to suit your circumstances and the debt advisor has a true picture of your financial worries, as bad advice could keep you in debt. In fact, it could make your situation even worse.
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