This week we have a guest post by a reader who would like to remain anonymous. She contacted Money Stand to tell more people about her personal struggle with debt, which she hid from her partner. She hopes this story will encourage others in debt to face up to their money problems. Before deciding to [...]
Before declaring yourself or business bankrupt it is worthwhile seeking debt counselling to make sure it is the right option. Provided the directors of the company have and continue to act responsibly, voluntary liquidation may be an option for debts over £50,000. Although the company will cease to trade, the directors won’t be held financially [...]
Individual Voluntary Arrangements (IVA’s) are becoming an increasingly popular method in which to ease any debt problems. Recent figures suggest that the amount of IVA’s taken out each month now exceeds that of the amount of bankruptcies. However, IVA’s are not always the best debt management solution for some, and there are some advantages and [...]
With the recession just starting to take effect many of us will be feeling its force. Losing your job or knowing someone that has, the credit crunch is affecting us all. Most of us have payment protection on our mortgages or loans in case something unexpected happens, but what about those who don’t know about [...]
The dreaded B-word, bankruptcy is an increasing possibility for many families and businesses and it can appear to be an attractive alternative for those struggling to pay off large debts, but what may seem like a get out of jail free card does have some long term implications that can be far worse The first [...]
It isn’t good economics for an IVA for under £20,000 to be taken on due to the fees imposed by the insolvency practitioner. The amount charged by the practitioner is very steep and problems keeping up the payments can prove very difficult. You should however seek IVA advice. It is said that a certain amount [...]
If you’re in debt, it’s easy to be seduced by IVA advertisements offering debt help and an easy way out, but be warned, these companies are looking to make money from your frustration. There is no easy way out of debt or the possibility of bankruptcy , you have to consider all your incomings and [...]
It is possible that an IVA could right off 75% of your unsecured liabilities, but it is likely that the people would stand to benefit from this kind of reduction are better favoured by bankruptcy anyway. Those who have a relatively low paid job and no property could almost certainly get away with paying about [...]
What is an IVA? The latest in a long line of Three Letter Acronyms put there to confuse us. And to tell us there are choices, even when we think we’re way out of our depth. But even when you decode it to Individual Voluntary Arrangement, you’re typically none the wiser. What doe it mean? [...]
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