Posts Tagged ‘protected trust deeds’

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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Considering the benefits of an IVA? UK debt management for UK business AND individuals

Friday, February 5th, 2010

If anyone finds themselves in debt then without doubt the single best piece of advice anyone can receive is that they should face up to the reality of the situation. It’s vital to take stock of exactly where you stand, to start making arrangements and to tackle the problem before things deteriorate further.

Sure, it’s never nice to have to face up to your financial demons and it’s common for people to feel a little embarrassed or reticent about starting on the path to financial recovery. Don’t let misfortune or mistakes in the past ruin your future. Take professional advice and get to grips with things as soon as possible.

What about an IVA?

UK financial authorities introduced IVAs in 1996 as a formal and legally binding agreement made between a debtor and creditors under which the debts are frozen. More flexible and less onerous than bankruptcy, if you have debts of more than £15,000, a regular income and can budget to make monthly repayments (usually over 5 years) then IVA companies in England or Wales may have just what you need.

In Scotland an equivalent to the IVA is known as a Protected Trust Deed.

They certainly seem to be proving a popular option. Though IVA advice was originally only offered to small businesses that got into financial difficulties and wanted to avoid bankruptcy, they have proved increasingly popular with individuals. In 2009 around 50,000 people entered into an IVA. UK government figures revealing a leap of 25% on 2008 as the recession deepened. Over the same time nearly 80,000 individuals were declared bankrupt while company failures totalled around 50,000.

If you are looking for help and IVA advice on how best to deal with debt or considering your next move on where to turn for impartial advice and guidance then there is a wealth of professional, independent IVA companies out there. You may be surprised at the range of options available and surprised too at how good you will feel knowing that you are taking positive steps to address the situation.

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Are you in debt? An IVA (Individual Voluntary Arrangement) might be just what you need to solve your financial problems

Thursday, February 4th, 2010

Financial problems come in many forms, shapes and sizes and often arise through no fault of your own. Maybe you’ve been let down by someone who owes you money. Maybe you have fallen victim to the economic downturn and lost your job or had essential overtime cut. Health reasons, domestic situations, family circumstances can all come in to play and cause all manner of difficulties.

If you have financial problems then take consolation from the fact that you are far from alone. Figures reveal that as many as 1000 people a day are seeking some form of IVA help or formal debt rescheduling plan.

One of the most flexible options for dealing with debt, an IVA (or the Scottish equivalent the Protected Trust Deed) is often a preferable alternative to bankruptcy for those in serious debt. For example, an IVA or Protected Trust Deed is more flexible, helps you avoid the restrictions of bankruptcy and protects your assets unlike bankruptcy.

In setting up an IVA you need to organise a legally binding timetable with your creditors in which to clear your debts, usually over a period of 5 years. At the end of the period, as long as the agreed percentage (usually somewhere around 50% of their original debt) has been made, any outstanding debt may be written off.

In order to qualify, you will need to meet the following requirements:

• You must have at least £15,000 of unsecured debt
• You must be able to pay at least £200 a month into the IVA
• You need to owe money to three or more. creditors.
• You need to have a regular income

Though an IVA can be an effective way of avoiding bankruptcy if you fail to maintain payments or default on the arrangement you may end up being declared bankrupt.

IVAs have been around for a while now so these days IVA help is plentiful and professional. If you think an IVA could help then seek advice. Make sure though that you take the necessary professional and independent advice before committing.

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Protected Trust Deeds and how they can help you manage your debt

Wednesday, January 27th, 2010

Have you heard of protected trust deeds or a Scottish trust deed? Well if you’re based in Scotland and have run up debts that are proving tough to manage you may well be interested in taking some trust deed advice or at least finding out a little more about how protected trust deeds can help you.

Times have been tough over the last couple of years for many people. The length and the depth of the recession are cutting deep. According to the BBC an estimated 125,000 people were made bankrupt in 2009. Accountancy giant KPMG actually believe that the figure may top 150,000. The Council of Mortgage Lenders (CML) only compounded the doom and gloom by estimating house repossessions will top 60,000.

With only faint signs (a surprising fall in unemployment this month for example) offering any hopes that the UK’s fragile economy will turn the corner in the near future, many experts are predicting another tough year ahead. There is little doubt that over the next 12 months many people will face increased financial burdens and will end up in severe financial difficulty. Failure to adequately manage debt means that unfortunately some people will end up going bankrupt.

Thought probably the best-known way through which people escape severe debt, bankruptcy is a serious step to take and deserves very careful consideration. Yes it ends after one year, but you may well end up forfeiting all your assets including your house to pay something off your creditors.

There are alternative ways of managing debt that anyone struggling with money problems should be made aware of especially if you live in Scotland.

Available only in Scotland Scottish trust deeds or protected trust deeds (PTD) can prove a straightforward and cost effective way of managing your debt problem. Similar to IVAs (Individual Voluntary Agreements) protected trust deeds enable you to repay your debt over an agreed length of time at a rate you are able to afford. Once the agreed repayment period has expired any remaining money you owe is written off.

Interested? Talk to a reputable debt guidance agency for the latest trust deed advice.

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Individual Voluntary Arrangements (IVAs) – Debt repayment made simple

Monday, January 25th, 2010

Debt in the UK is at record levels and many debt advice organisations and agencies are dealing with unprecedented numbers of requests for bankruptcy and Individual Voluntary Arrangement (IVA) advice – even the Government owe nearly 800 billion – (it may surprise you to know that as a proportion of overall economic output debt at 68.7% of GDP compares favourably with the US – 84.8% -, Italy – 115.8% and Japan – 218.6%). International global debt comparisons aside, the point still remains; more people owe more money than ever before.

Often through no fault of their own many now find themselves in positions where their debt has rapidly gone from manageable to out of control – debt that needs addressing quickly. Increased unemployment, shorter hours, less overtime, pay freezes and pay cuts has all affected incomes. Expenditure on the other hand seems to have rocketed. Fuel prices, council tax, food costs, utility bills, you name it, everything seems to have gone up drastically over the last couple of years.

If you find yourself in the position of owing more than you can cope with, what can you do? What are the options when it comes to managing your debt?

Consider the benefits of an IVA Advice regarding IVAs is consistent – Individual Voluntary Arrangements can offer a relatively simple and effective alternative to bankruptcy. Particularly appropriate for unsecured debts such as personal loans, bank overdrafts, store cards and credit cards once in place an IVA also offers ongoing protection from additional creditor claims. You agree to pay an affordable amount to your creditors over a set time period (usually 60 months) and the end of the payment period any outstanding debt is written off – up to 75%.

If you live in Scotland then you have the option to pursue a system that’s similar to the Individual Voluntary Arrangement – the Protected Trust Deed (PTD). Instead of the five-year period usually applied to IVAs The Protected Trust Deed lasts only for 3 years. Again, in many cases Protected Trust Deeds might be regarded as a less onerous alternative to bankruptcy which in Scotland which is referred to as Sequestration.

For any additional information on IVA or indeed anything to do with debt management make sure you contact a reputable debt advice agency.

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