How to Work Off Your Debts
Posted by admin in Debt FreeJan 19th, 2009 | Comments Off
In the UK there are a number of trust organizations that are helping people who are in debt. These organizations have free help lines that you can call. However a word of caution here, if the person starts asking you about your financial information then just hang up. A proper debt councilor will ask where are you calling from and will give you a number to
call. Remember the laws are different in Scotland, Wales and England. So they will put you in touch with a councilors office located in your city or the councilor located closest to you. When you go and meet the debt councilor, he or she will ask you some basic questions. They will then provide you guidelines on how to work off your debts. As they are providing a charity service, don’t expect them to act as your legal or financial councilors. They will tell you what the best fit solution is for you and steps that you should take. If you are confused about who to seek advice from regarding your debts, I would suggest you get in touch with National Debt line in the UK. They should give you proper guidance on working off your debts.
Debt Management – How to Solve Debt Problems by IVA
Posted by admin in Debt ManagementJan 1st, 2009 | Comments OffSo you are drowning in debt and are worried sick. You fear you may loose your home; your creditors are threatening you. You are falling behind on your payments and are contemplating declaring bankruptcy.
In the UK there is a government-backed solution. It is called an Individual Voluntary Arrangement, better known as an IVA. If your debts exceed fifteen thousand pounds you can apply for an IVA. An Insolvency Practitioner will help you solve your debt problems and you may not loose everything. In fact you may not loose your most important investment, which is your home. Also you will be saved from the embarrassment of having your bankruptcy declared in the newspapers. Also you might manage to get up 75% of your debt written off. If 75% of the creditors agree to the arrangement offered by you insolvency practitioner, the rest will have to agree. You can ask your insolvency practitioner not to mention your mortgage. Remember an IVA is not a quick fix solution to your debt problem. But in the UK it might be one of the best ways of paying off your debts, without loosing face. If you are feeling unsure about it, talk to an insolvency practitioner in your area.
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