The Push Student Debt Survey, carried out amongst 2,024 students at varying stages of their degrees, found that the average amount of debt amassed by each of them was currently in excess of £5,000 a year. The value of government funded student support for this year sits at a reputed £5bn and this is a figure that’s also seen to be rising with each passing year.
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Students Pick Up £23,000 Debt With Their Degree
September 25th, 2009What are the different types of consolidation loans?
September 23rd, 2009There is an important factor to remember when considering a consolidation loan; it doesn’t get rid of any debt. Instead, a consolidation loan simply offers some relief by combining the multitude of high interest rate debts into a single loan, often with a lower rate of interest. This amalgamation of various debts with a debt consolidation loan allows you to lower your monthly outgoings, making it easier to meet those usual monthly bills. However, there are a few options available to those wishing to consolidate all of their different types of debt into a single monthly payment. The repayment period could be much longer though. So, it might be easier to pay the monthly debt but it’ll take a longer period of time to pay it off.
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How great is the threat of repossession
September 22nd, 2009Although a primary concern amongst individuals in debt is the threat of losing their home, the truth is that the vast majority of people who find themselves in arrears with mortgage payments don’t. In fact, a staggering 97% of homeowners who’ve fallen behind with their mortgage payments over the last two years, during the recent period of recession and credit crunch, actually managed to hold onto their homes and get themselves out of debt.
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Should you be considering bankruptcy?
September 21st, 2009You can only declare yourself bankrupt if you don’t have enough money to cover your living expenses (within reason) and your debt repayments. Thus, the total amount of your assets is less than the total amount of your debt. If the equity you own in your property is greater than the amount of debt, then you should generally avoid bankruptcy and may wish to consider an IVA.
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What is an IVA?
September 21st, 2009IVA 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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