Should I Use My Pension Contributions To Repay High Interest Debts?

Pensions are designed as savings for the retirement years but many UK residents are finding it difficult to maintain them. High-interest debts like payday loans can become substantial if unpaid for a long period. You could use your pension contributions to repay high interest debts as lump sum full and final settlement. Are you drawing … Read more

Positive Trends Regarding Credit Cards And Debt Management

The British Banking Association reports that credit card repayments are exceeding new spending on these cards. However, the total amount that UK residents owe is still increasing due to the interest on existing balances. Despite their associated interest rates, the total amount owed for personal loans has decreased to approximately 50 percent of what it … Read more

Positive Developments Regarding Utility Prepayment Meters

A prepayment meter often becomes a necessary piece of equipment for people in debt. Approximately 5.9 million UK residents have an energy prepayment meter, either voluntarily or at the discretion of their energy providers. This meter is installed in the home and the resident must pay for gas or electricity upfront by topping up their … Read more

How Can Citizens Advice Bureau Help Me With Debt?

We help all UK citizens who are in debt and offer free private and confidential advice. Fill in the form today to speak to a friendly advisor who can help you When UK residents find themselves in debt, there are several free resources they can utilise and Citizens Advice Bureau, abbreviated CAB, is one. Through … Read more

Should Mortgage Shortfalls Be Included In Debt Management Plans

Having the home repossessed can be a horrible experience because it may leave a person homeless. After a suitable living arrangement is found, thoughts turn to additional financial troubles lurking in the future. Voluntary or mandatory repossession of the home can cause mortgage shortfall debts to arise when the home is sold at a price … Read more

How Debt Management Plans Handle Overtime Pay

When people establish debt management plans, they agree to make a certain monthly payment to the plan administrator, which is then divided amongst creditors. The payment is based on factors including income and regular household expenses. But, what if income varies due to overtime pay? A person with a debt management plan in place may … Read more

Using Credit Cards After Completing Debt Management Plans

Once people have completed their debt management plans, they want life to get back to normal. This includes making purchases with credit cards. People realize that credit card use can help improve their credit ratings. Research shows that responsible use of a credit card following completion of a debt management plan can play a major … Read more

Disposable Income On The Decline In UK

The Office of National Statistics (ONS) released data last week confirming that disposable income is declining for the average adult in the UK and recently fell to its 2003 level. Disposable income is measured as cash available after-tax payments are made. The ONS also measures real actual income per person, adjusted for inflation. This figure … Read more

Impact Of Pension Auto-Enrollment On Debt Management Plans

There is major concern about the future of the UK pension program and the government has taken action. According to new regulations, employers will auto-enrol many UK residents in pension schemes. By October 2014, approximately ten million people will find pension contributions automatically deducted from their salary. If you have started a new job or … Read more

What Should I Do If I Cannot Make My Loan Payments?

Many people take out personal loans with full expectations that they will repay the money. However, poor financial planning and unexpected circumstances can make this difficult or impossible. If you find yourself with a personal loan that you are unable to repay, there are several ways to handle the situation without sinking further into debt … Read more

How The Data Protection Act Relates To Debt Management Plans

When they find themselves with unmanageable debt, many UK residents get advice and assistance from a professional experienced with managing consumer debt. Free assistance is available from various UK agencies including Consumer Credit Counselling Service, commonly called CCCS, and the National Debtline. Debt management companies (DMCs) also help consumers in debt and may recommend a … Read more

Obtaining A Mortgage After Having A Debt Management Plan

Making revised repayment arrangements with creditors as part of a debt management plan helps many consumers get out of debt. A third-party debt management company manages the plan, accepting the single debt payment issued by the debtor each month and dividing the money amongst the creditors. The plan represents a promise to fully repay debts … Read more

Beware Of No-Paperwork Debt Management Plan Providers

A debt management plan is used to handle a small to moderate amount of debt. UK consumers who are interested in this often wonder what types of documentation and paperwork are required. They want to have everything on hand so the plan can be set up as soon as possible. Different debt management companies have … Read more

What Happens To An IVA During Pregnancy Of The Debtor Or A Partner

An Individual Voluntary Arrangement (IVA) is a formal agreement to repay all or a portion of the debt. After repayments are negotiated with creditors, the debtor issues regular payments to an authorized debt specialist referred to as an insolvency practitioner or IP. The IP allocates money from each payment to creditors according to the terms … Read more

Categories IVA

Handling Debts To Increase Retirement Savings

The importance of saving for retirement is stressed to us from an early age. We hear horror stories of retirees who must return to the workforce because they do not have enough money to survive. Other elderly people sacrifice to the point of not eating or turning on their heat, which has health consequences as … Read more

What Happens To Catalogue Debt After Ten Years?

In rare cases, people may not be notified of some debts until many years after the expenses were incurred. This may be because they relocated to another area or even another country. On rare occasions, even a debt management expert may not discover the debt during a comprehensive search to identify why an individual is … Read more

Scottish Newspaper Notes Bankruptcy Exploitation Of Debtors

A recent article in a Scottish newspaper focused on the bankruptcy exploitation of residents in debt. Credit union representative was particularly outspoken regarding high fees and improper advice provided by organizations in business to assist debtors. Providers of debt management plans (DMPS) were also mentioned in this article. However, most of the blame was focused … Read more

Defining Disposable Income For Debt Management Plans

Many UK residents use a debt management plan to get themselves out of debt. They retain a company skilled in operating these plans that negotiate and manages a fixed monthly payment for qualifying debts. This payment is based on the amount the debtor can afford to pay. A single payment serves as the monthly submission … Read more

Changing Reasons For Using Debt Management Plans

During the past few years, a large number of UK residents have turned to a debt management plan, or DMP, to help manage their debt. The many years of affordable credit that encouraged overspending finally came to an end. People found themselves in debt with no immediate way to repay it. A DMP was the … Read more

How Do I Appeal A Final Charging Order For Unpaid Council Tax?

Once a creditor secures a County Court Judgment (CCJ) against you, that party can enforce the debt by applying for a Charging Order. If you agreed to repay the debt in installments and are not currently in arrears, a creditor may not request a Charging Order. However, this section of the law may soon be … Read more

What Are The Consequences Of Scrapping A Vehicle On Finance?

UK car loans are classified into two main categories: unsecured and secured. Most loans are unsecured, which means the money is borrowed without submitting any security or collateral against the loan. A secured car loan is offered against a security, which could be the car itself or another valuable asset. If the customer does not … Read more

Payday Loan Critics Being Targeted

The Consumer Finance Association (CFA) is an industry trade body that has received numerous political complaints regarding payday lender practices. In response, it recently published a study that depicts politicians as lacking knowledge of payday loan benefits. The study also claims that these lawmakers do not have their fingers on the pulse of the payday … Read more