Are you tempted to spend?
Do you set out with good intentions every month, only to find yourself spending money you could have saved on things you don`t really need?
How much do I pay each creditor on a debt management plan?
For people with unmanageable debts, finding a debt solution that can bring their debt repayments down to an affordable level is extremely important.
Is there an age limit for IVAs or debt management?
There are a number of debt solutions available for people in various situations. For people with unmanageable levels of debt, two of the most common debt solutions are IVAs (Individual Voluntary Arrangements) and debt management plans.
IVAs explained
For people having serious difficulties with their debts, one option is an IVA (Individual Voluntary Arrangement): a legally-binding debt solution that could help you to clear your debts within five years.
How much can I afford to pay towards my IVA?
If your debts have become completely unmanageable, you`ll want to find a debt solution that can bring your debt repayments down to an affordable level.
Cutting costs to help with debt
When your debts start to cause you problems, the first thing you`ll want to do is look at where you can cut back and make more room for your repayments.
Struggling with debt: debt management plans
Struggling with debt is never a good situation to be in, and if you find yourself in trouble, you`ll want to find the best way of clearing your debts.
What protection can an IVA offer?
An IVA is a legally-binding agreement with your lenders in which you`ll repay as much of your debts as you can afford over an agreed period of time, after which the rest of your debt will be written off.
Is debt management better than bankruptcy?
Some people automatically think of bankruptcy when it comes to clearing unmanageable debt, but debt management plans and other debt solutions have given borrowers a range of options. But are the alternatives always better than bankruptcy?
What is an IVA `notice of breach`?
If you miss a number of IVA payments (typically three), you will usually receive a `Notice of Breach`: a formal notice telling you that you have breached the terms of your IVA.
How to get a better credit rating
Your credit rating is a very important factor when it comes to borrowing money. It helps determine whether you`re likely to be offered a loan - and if you are accepted, it can also have an impact on the interest rate you`re likely to be offered.
Does the money in an IVA account earn interest?
When you make a payment on your IVA, the money will go to a client account before the agreed amounts are distributed between your lenders.
Do you live on your overdraft?
This month, research from Moneysupermarket indicated that 10% of British adults are permanently living on their overdraft - that is, their monthly income isn`t enough to clear the debt they owe to their bank.
Is an IVA a government-backed debt solution?
An IVA is a contractual arrangement with your unsecured lenders in which you`ll pay as much as you can towards your debts for an agreed period of time, after which your remaining unsecured debt will be written off.
Can I take a break from my IVA?
An IVA (Individual Voluntary Arrangement) is designed to last long enough for your lenders to get back a reasonable proportion of what they are owed, while giving you a definite date for clearing your debts.
What are the IVA guidelines?
When your debts have become so unmanageable that you can`t see yourself ever repaying them within a reasonable period of time, one option for clearing your debts is an IVA (Individual Voluntary Arrangement).
A recession of surprises
The 2008-2009 recession wasn`t the first - and it won`t, unfortunately, be the last. A lot of bad things have happened, from rising unemployment to record levels of personal insolvency, but it hasn`t been all bad news.
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