Archive for the ‘Debt advice’ Category

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Debt management into the New Year

Tuesday, March 9th, 2010

It’s that time of year when the excesses of Christmas can begin to catch up with us. It’s not unusual for people to ‘push the boat out’ over the festive period. After all it’s been a tough year for many and who would begrudge anyone a little light relief and a little indulgence during the holidays?

The problems start to arise though, when it comes to settling up those credit cards bills or paying of that overdraft and you find yourself struggling to meet your commitments. It can quickly turn into a case of robbing Peter to pay Paul, and before you know it you’ve run short of options – and money. The more you shuffle your debts and the more you end up owing, the more expensive you debt becomes and the more difficult it is to manage. It doesn’t take long until your whole financial set up spirals out of control. If you’ve ever been in that unenviable position you will know all too clearly how quickly and almost imperceptibly things can go wrong. One minute, things are fine, the next, maybe you lose a source of income, your job, your overtime or interest rates rise and things rapidly begin to unravel. Maybe you find yourself in that position now – staring financial confusion and worry in the face, wondering what you can do to get things back on an even keel. How do you turn things around?

Debt Advice UK and Debt Management

UK borrowers need know two words of advice – debt management. Experienced, expert, impartial debt management from reputable debt management services is the key to your future financial stability. For those living in the UK, debt advice such as this is plentiful. In fact when it come to debt management, UK borrowers are fortunate. There are all manner of agencies with all the latest information and guidance on IVAs(Individual Voluntary Arrangements), rescheduling, debt consolidation, bankruptcy and the whole range of debt management tools and techniques to help you take back control of your finances in a way that suites your individual requirements. Free Debt advice is plentiful and, most importantly, impartial. Don’t delay if you are having money problems – seek out some debt advice today before things get any worse.

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Why free debt advice is the best debt advice

Thursday, March 4th, 2010

If you have found yourself with a debt issue that you want to get resolved as quickly and as painlessly as possible and are seeking debt advice, then you will want to know that the debt advisor you are talking with is an impartial debt advisor. Why? Because only if the debt advice that you are receiving is free debt advice, independent of any commercial bias or influence, can you be assured that it is the best debt advice available. In a situation where you have found yourself owing money that you are having difficulty repaying, it is vital that in order to manage the debt properly it is your best interests that are being reflected in the debt management decision making, and not anybody else’s best interests.

First things first though – the question of whether to pay for debt advice. If anyone does try to charge you for debt advice just politely turn your back and walk away. They’re wasting your time. Don’t let them try to waste your money too, especially if you haven’t got any to waste. No credible debt management agency worth its salt will charge you for advice.

Then again just because the best advice is free advice don’t be fooled into thinking that all free debt advice it really is impartial. After all doesn’t everyone offer free debt advice? The question to ask yourself is – is this free debt advice I’m getting, IVA advice for example, just a way of guiding me towards an inappropriate debt management product? Is it really debt advice that I can rely on and trust? Who am I speaking with? An experienced, well trained representative of an independent agency who can advise on my best course of action, or a salesperson who’s trying to guide me towards the most lucrative commission?

Confused? You needn’t be. There’s plenty of impartial debt advice UK wide that can prove a great starting point in helping you manage your way out of financial trouble. From IVA advice, advice on bankruptcy, debt consolidation and Debt Relief Orders, there really is a wealth of knowledge and know-how out there.

At DAT we already deal with more than 100 people a day, offering them independent guidance and advice to help them get to grips with debt problems. Maybe we can help you too.

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How impartial IVA help can help you manage your debt problems

Tuesday, March 2nd, 2010

With insolvency figures at a record high, it’s hardly surprising that requests for bankruptcy advice, IVA help and guidance on debt relief orders (DRO) and how best to manage debt are also at an all time high. At the Debt Advice Trust we deal with over 100 people a day calling us for debt advice and IVA advice. The Citizen Advice Bureau deal with around 9,300 debt related problems a day whilst 1,000 people each and every day seek some form of debt rescheduling.

Times are tough and all the signs are that they’ll get tougher before things ease up. With rising inflation and the likelihood of large-scale public sector spending cuts on the horizon, the signs are not altogether positive.

More often than not debt problems are purely and simply the result of nothing more than a little misfortune or some slight financial miscalculation. However benign the causes, the consequences can be drastic. The aim of proper debt management and IVA help is to take control of the situation before things have the chance to spiral out of control and become unmanageable. It’s important that you act while you still have choices and are able to put together a viable debt recovery plan.

Perhaps the best initial course of action is to make sure that you are speaking to a debt management agency that has not only the experience and the expertise, but most importantly the impartiality to be able to get you moving in the right direction. The last thing anyone needs in times of difficulty is to find themselves being taken down an inappropriate route that might end up benefiting the advisor more than the client.

Take Individual Voluntary Arrangements as an example – if you have substantial debt (in excess of £15k) and are struggling to repay it then an IVA might be the best option. There are other advantages too – the set repayment period, the fact that your creditors are unable to add to the agreed repayment amount or add interest. Whilst most debt management agencies could quickly identify and IVA or Protected Trust Deeds (PTDs) if you happen to live in Scotland, only a truly independent and experienced professional can guide you in the direction of the best IVA provider for you and your specific circumstances.

Seek impartial IVA help and take it.

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There’s IVA advice and then there’s IVA advice

Friday, February 26th, 2010

Individual Voluntary Arrangements (IVA) are an increasingly popular form of debt management. In fact the number of people choosing to go down the IVA path leapt a massive 20% in 2009, as those struggling with their debts opted to try and avoid full-blown bankruptcy and instead take advantage of the more flexible IVA route.

If you have run into financial problems and are finding that despite your best efforts the debts are starting to mount and it’s becoming ever more difficult to make ends meet, then perhaps an IVA is the way forward for you. The best way to know for sure is to take properly qualified and truly independent debt management advice.

There are certainly plenty of organisations out there offering help. A quick search just on Google will return a bewildering number of options. If you are seeking IVA advice or advice on the Scottish equivalent Protected Trust Deeds, then do take care that you are getting the best impartial guidance possible.

The sorts of things you should be looking at include whether you might be entitled to an IVA in the first place. As IVAs tend to be most appropriate to people in serious debt owing in excess of £15,000 and struggling to meet repayments, then it may be an unnecessary step for you to take. There are a variety of possible debt management solutions; debt consolidation for example might be a better option. It all depends on your particular circumstances, the amounts you owe, who you owe them to and your ability to come to a mutually acceptable payment arrangement and stick to it. You can only really get to the bottom of things by talking with impartial debt management experts.

If you do decide that an Individual Voluntary Arrangement is the best way forward then the obvious next questions are – who is the most suitable IVA provider? And how do you go about setting it up?

Again, what you really need is trained, experienced independent advice to guide you in the direction of the most appropriate debt solution from the most a reputable and reliable provider.

Don’t rush into things, take your time and make sure you get the advice you need.

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How a Protected Trust Deed can help you with your debt problems

Wednesday, February 24th, 2010

If you live in Scotland and have run into financial difficulties then help may be at hand in the form of a Protected Trust Deed, also known as a Scottish PTD. The Scottish equivalent of IVAs (Individual Voluntary Arrangements) which are increasingly popular south of the border. A Protected Trust Deed enables you to repay your debt over an agreed period of time at a set monthly or weekly amount that you have budgeted for and can maintain without mounting up further problems. Once the agreed repayment term has expired the Protected Trust Deed ends and any remaining unpaid debt is written off.

The consensus of Trust Deed Advice

For those seeking debt repayment and debt management advice the trust deed advice from most experts and professionals is that if you qualify and can avoid bankruptcy by having access to the funds that allow you to maintain regular repayments, then taking out an IVA or Scottish PTD is without doubt the preferable option. Indeed, a large proportion of the additional insolvencies throughout England and Wales during the final quarter of 2009 took the form of IVAs (Individual voluntary arrangements), a figure which leapt over 20% to 47,641 for the whole year.

While in England and Wales IVAs tend to run for five years (60 months), in Scotland the maximum duration of a Protected Trust Deed is three years. That’s right – you can be debt free in just three years and what’s more once your agreement is set up, that’s it. Your creditors are not able to take any further action against you and are also unable to add any additional interest to the amount owed. In addition, you are shielded from your creditors as during that period your trustee assumes the responsibility of dealing with all creditor correspondence, and unlike bankruptcy the action is not made public. You are spared the embarrassment of having your financial misfortunes printed in the local press and in most cases you will still be able to hold certain public offices, remain self-employed and continue to serve as a company director – all of which you would be denied under sequestration (bankruptcy).
Do you qualify for a Protected Trust Deed? Talk to a debt management expert to find out.

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Why are so many people turning to the Citizen Advice Bureau (CAB) for help?

Monday, February 22nd, 2010

The simple answer? For no-nonsense, common sense debt advice.

The recession has had a devastating effect on both business and personal finances across the country. Workforces have shrunk (at the height of the downturn as many as 3,000 people a day were being laid off) and up to 50,000 companies and 150,000 people became insolvent during 2009. One organisation that has experienced record amounts of work during these toughest of times has been the Citizens Advice Bureau.

UK householders and businesses in their thousands have turned to the Citizen Advice Bureau for help and guidance on how best to manage their debt. Debt advice, it would seem, has been one of the very few growth industries in these torrid times.

Reflecting on official Government debt advice; the sort of common sense help offered by the Citizen Advice Bureau includes their 10-point recession-beating Citizens Advice guide:

  • Don’t bury your head in the sand. If you have a financial problem face up to it and start dealing with it as soon as possible.
  • Take informed, independent advice.
  • Pay priority debts first.
  • Budget and plan.
  • Look hard for savings on all your bills.
  • Check to see whether you are entitled for benefits.
  • Whilst debt consolidation can be a good idea, don’t jump out of the frying pan and into the fire with exorbitant loan interest rates.
  • If you have mortgage issues take advice and deal with them quickly.
  • If you lose your job be sure to check your legal rights.
  • A property in the UK is repossessed every 11.2 minutes. Don’t become just another homeless statistic. If you lose your home or your home is under threat you may be entitled to help.

Over the years, Citizens Advice has established a formidable reputation as the ‘people’s champion’. What the CAB doesn’t know about debt management isn’t worth knowing. When it comes to the Citizens Advice Bureau, UK consumers can count themselves very fortunate. Armed with their expert, impartial advice you can begin the important job of getting your debt under control and you finances back into shape.

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Take expert advice on bankruptcy to know exactly where you stand

Thursday, February 18th, 2010

The length and depth of Britain’s recession over the last two years has challenged even the most successful of companies as well as the most carefully managed household budgets. As a consequence, bankruptcy in the UK has rocketed. In 2009 just short of 80,000 individuals were declared bankrupt. Company failures totalled around 50,000 – up significantly on 2008. No wonder so many people are seeking advice on bankruptcy.

What’s more, experts predict that with so many people and organisations already at borrowing limits, already rationalised and having over the last couple of years, pulled together all the available cash they could get their hands on, things may well get worse before they improve. With the banks reluctant to lend, even good businesses – profitable, well-run companies with skilled people and great ideas – are falling by the wayside.

All for the sake of cash. Cash flow – or rather the lack of cash flow is a major factor in taking many companies and individuals to the point of bankruptcy.

Advice from the experts is that, though the natural inclination when things aren’t going well is to sometimes stick your head in the sand and pretend it’s all ok, just thinking that your financial problems will disappear of their own accord is folly. Don’t kid yourself. If things have got out of control, not only do you need a reality check you also need some independent and professional bankruptcy advice.

Realise too that bankruptcy in the UK isn’t the end of the world. Whilst you may have to give up your assets and even your home, as well as have financial restrictions imposed, such as the ability to obtain credit, often a bankrupt can be discharged and freed from debt liability in only a year.

In some cases there may be other less restrictive options such as IVAs (Individual Voluntary Arrangements) or (in the case of smaller debts) Debt Relief Orders that may be more suitable. If you really have run out of cash though and can’t see anyway of raising it to pay off your creditors then bankruptcy may be your best choice.

For all the latest rulings, legislation and advice on bankruptcy UK, consumers have a whole range of agencies ready and willing to offer the necessary guidance. Make sure you take the proper professional advice you need.

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Are you looking for Debt Advice, UK financial management regulation information or other financial guidance? Then you are not alone.

Tuesday, February 16th, 2010

With the average household now on the increase and individuals in the red to the sum of over £30,000 per person on average, personal debt in the UK now totals £1,500 billion. Every day a massive £200 million needs to be found just to service interest payments. It’s not just British business and individuals who have racked up debt. The UK Government too has borrowed extensively and is in debt to the tune of £800 billion – an unimaginable amount that increases at an eye-watering rate of £4,385 a second.

No wonder that debt advisors and professionals skilled at setting up debt management programs are in such high demand.. UK consumer rights organisation the Citizen Advice Bureau says its debt advisors are dealing with over 9,000 new debt management advice enquiries every day.

In many ways these people are the fortunate ones. Those that have realised that they may need help, are already seeking debt management programs and are on the path to dealing with and managing their financial problems.

For people who either fail to appreciate the realities of their financial situation or simply choose to ignore what’s going on, a real and present danger exists that debt will start to spiral out of control. Without careful handling a vicious circle of debt is created and you can find yourself forever playing catch up – robbing Peter to pay Paul.

In the long run the chances are that they will be forced to seek debt help anyway. Grasping the debt nettle before things get too out of hand can save you a great deal of time, anxiety AND cash. It will also open up more flexible, less restrictive debt management options such as IVAs or Debt Relief Orders – preferable to bankruptcy for many people.

Are you looking for debt advice? UK consumers have a wide range of organisations to turn to. Make sure that if you feel you need some guidance that you seek out expert, independent advice and start getting to grips with your debt as soon as possible.

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Insolvency Figures at Record High Levels

Thursday, February 11th, 2010

The UK’s 4th Quarter insolvency figures were released last week and on the whole make for grim reading. The recession has clearly had and is continuing to have a deep and sustained impact, especially upon individuals, with no obvious end to the trauma in sight.

According to the Insolvency Service a total of 35,574 people in England and Wales were declared insolvent in the final three months of the year. This represents a rise of nearly 25% on the same period in 2008 – a record Q4 high contributing to an overall annual figure of 134,142, well above the previous 2006 high of 107,288.

A breakdown of the figures reveals that, of those seeking a formal arrangement with their creditors, by far the largest increase came in the number of IVAs (Individual voluntary arrangements), which leapt over 20% to 47,641 for the year. Considered by many as a preferable arrangement to bankruptcy, IVAs allow debtors and creditors to agree on a repayment plan over a set length of time (usually 60 months). They come with fewer restrictions and outstanding amounts are usually written off at the end of the repayment period.

When it came to full-blown bankruptcy, Q4 figures show a 7% fall on Q3. A total of 74,670 individuals were declared bankrupt over the year, a rise of nearly 11% on 2008’s figure.

Recently introduced DROs (Debt Relief Orders) took account of 11,812 insolvencies. DROs came into play from April 2009 and are eligible to borrowers with debts of less than £15,000 and only minimal assets. It’s expected that as more people become aware of DROs so their popularity will increase.

There was slightly better news for business during the 4th Quarter. Although throughout the year figures show that there was a 23% rise in business insolvencies on 2008, the 4th Quarter numbers of 4,566 actually represents a fall of 2% on Q3 and a 1% fall on the previous year.

With experts predicting that insolvencies are likely to rise even further in 2010 it seems that, especially for individuals, things may get measurably worse before they get any better.

Whatever happens though, the advice remains the same. If you find, for whatever reason, that you are living beyond your means and starting to accumulate debt don’t wait until it’s too late before seeking help. There’s plenty of professional debt advice out there – seek it and save yourself a whole load of trouble over the long run.

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When it comes to debt management UK consumers have a range of options that can help

Wednesday, February 10th, 2010

Have you found yourself in the position where every week or every month the cash coming in simply refuses to add up to the cash going out? Feel like you could do with some debt advice? You’re not alone. As the recession drags on, many debt advice organisations are becoming inundated with requests for information, specifically on debt management. The Citizens Advice Bureau alone now deals with somewhere approaching 10,000 queries a day.

With the average amount owed by every UK adult (including mortgages) standing at £30,226 – that’s 133% of average earnings – it’s little wonder that it feels like you have to run just to stand still.

Often through no fault of their own people are finding that what at first seemed an almost insignificant debt on a credit card or bank overdraft has started to take on a life of its own and slowly spiral out of control. As people have been laid off, overtime cut and wage rises put on hold, so to has the pressure of maintaining a positive bank balance along with keeping on top of monthly repayments.. Some people have inevitably slipped into the red.

Once on the wrong side of the line the big question of course is how to break the circle? What are your options when it comes to debt management?

UK consumers have a number of choices.

• You can look at consolidating your debt by pulling it all together into one loan.
• IVAs (Individual Voluntary Arrangements) – a legal agreement between you and your creditors about how you’ll pay off your debts.
• If you have at least one County Court Judgement against you and debts of less than £5000 you can apply for an Administration Order.
• If you are on a low income and have debts of less than £15000 you could apply for a Debt Relief Order.
• You could declare yourself bankrupt. Bankruptcy can be an involved process and for some might not be the best form of debt management.

Whatever your situation, get someone who is experienced and expert in dealing with debt to advise you on how best to handle your individual debt management. There’s certainly plenty of good quality information available.

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