Over the past decade banks made it easy than ever before for people to get access to loans and credit. This has unfortunately meant that more and more people have succumbed to ever increasing debt. Individual voluntary arrangements (IVAs) were set up in the 1980s as a way for people and businesses to work their way out of serious debt and avoid bankruptcy. continue reading…
With the wealth of debt related information that is freely available, some people have had great success with developing their own debt management programs. However, for others, doing it themselves seems far too difficult a task to do well. If you are one of those people then it is nothing to be ashamed of – you are not alone. continue reading…
An Individual Voluntary Arrangement (IVA for short) is an agreement between you and your creditors which states new terms on which the money owed should be repaid. The terms are typically a compromise on the debt, which allow creditors to recover at least some of the money owed to them.The main benefit of an IVA is that an agreed portion (up to 75%) of your total debt is usually written off at the end of the agreement. Also, your professional status will not be affected and details will not be made public (as happens in bankruptcy cases).Contacting a specialist IVA practitioner is the first step that you need to take if you want to proceed with an IVA. continue reading…
Let’s start with the bottom line for credit card debt: If you cannot pay your credit card balance off in full each month, you shouldn’t be using it.
Seem a bit harsh? What is harsh if having debt with interest rates of 20% or more. continue reading…
A credit report is basically a consolidated account of your previous borrowings and repayments. Each time you borrow, pay or delay, it will be reflected in your credit report. Money lenders use it to assess how likely you are to pay back any money lent to you. continue reading…