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| ClearDebt IVA | | ID: | 11507 | | Title: | ClearDebt IVA - http://www.cleardebt.co.uk | | Description: | Providing IVA (Individual Voluntary Arrangements) throughout the United Kingdom and free debt advice, bankruptcy advice and IVA advice. ClearDebt also provide IVAs for debt management and consolidaton. | | Category: | Business : Debt Consolidation | | Link Owner: | Robyn Green | | Date Added: | May 30, 2007 04:41:37 PM | | Number Hits: | 7 | | Bookmark: | | | Inner Pages: | Bankruptcy Advice
Bankruptcy is a formal insolvency route for individuals with serious debts that they cannot pay. Bankruptcy is often the last resort and is usually applied when no meaningful alternative can be offered to creditors.You may petition for your own bankruptcy or a bankruptcy order may be applied for by one of your creditors if you cannot pay what is owed to them. Whilst the Enterprise Act 2002 now allows some bankruptcies to be discharged after one year this is not expected to be the norm and any proof of reckless spending may result in a bankruptcy period of between 2 and 15 years.To petition for your own bankrutpcy you must be able to show that you are unable to pay your debts.
However before making any decision about making yourself bankrupt it is essential that you seek independent advice. For this you may approach an insolvency practitioner or one of many free debt advice providers such as your local Citizens Advice Bureau. If you have carefully considered your circumstances and still wish to proceed, you should contact your local County Court (or the High Court if you live in London).
The staff at your local County Court are happy to help people complete the paperwork needed to present a bankruptcy petition. You will be required to make a statement of your income and your average monthly expenditure so you should ensure that you have prepared this in advance of attending the court.
The court will also require information about all the people to whom you owe money (your creditors). You should include their full name or trading name, their address, the amount you believe you owe or the amount they have demanded from you if this is different, and any reference numbers that may be relevant.
You will be charged £140 in court fees (unless there are exceptional circumstances) and a further £310 for the administration of your bankruptcy.
The court may hear your petition may on the same day that you present it, or it may arrange a later date when it will be considered.
Debt Management
Debt management plans are provided by debt management compaines who negotiate with your creditors to change your debt repayment terms. Debt Management Plans (DMPs) cn be a good debt solution, especially if your problems are likely to be short term. Increasingly, especially if you don't owe very much in total, creditors may ask you to try debt management before being considered for an IVA. A debt management plan can be put in place by a debt management company or made by yourself ("self help debt management"). Sometimes. commercial and charitable debt management plans are simply a step on the road to bankruptcy, offered to debtors who are terrified of the word insolvency. However in many circumstances they can be an appropriate solution, especially if you can nearly pay all your debts or if you strongly believe your problems will be short term.Self help debt management essentially involves you renegotiating your payment terms with your creditors. If your debts are not so serious and you approach your creditors first to deal with your problems you will usually find them sympathetic and helpful to you. If you leave the debt management process until they threaten to take action against you it is often much harder to negotiate with them. You need to be tough to negotiate a good deal - often, they will refer you to a debt management organisation in any case.
Take care though, some of the debt management plans we have seen, even from the more public-spirited providers, are scheduled to last more than 10 years and often only reduce debt by small amounts, compared with an IVA which, usually on a very similar monthly payment, ensures you are debt free, more often than not in five years.
Credit Card Debt
Use credit cards wisely and they are a key component in modern living. They are more convenient than cash and can as the old advert. had it, “take the waiting out of wanting”. However, its easy for credit cards to take over and – if you let the credit card take control you’ll find yourself at the top of a slippery slope of credit card debt that, at least, can harm your credit record and, at most, could see you plummet into bankruptcy. There are some simple rules that will help you clear your credit card debt off your flexible friends. First, here’s what to do if your credit card debt is merely tricky – not disastrous.
If you can, you must pay more than the minimum payment off your credit card debt each month. Pay on time or penalties will certainly be charged (they may have come down recently – but late-payment charges are still a pain in the neck), creating a larger minimum payment for the next month - and a larger charge added to the total again if you miss a second month.Think about transferring your credit card debt to a low-rate or (if you can still get one) a 0% card. But, make sure you know when that rate is due to expire and finish paying off the balance (or move it) before that happens. Oh, and late payments on a 0% credit card are likely to result not just in charges, but in reversion to the standard rate of interest.
If you are a little further down the credit card debt track and can only just pay your bills when they fall due, then stop using your credit cards and consider the “snowballing” debt repayment technique. First you put all the money you can afford into repaying your most expensive credit card debt or loan first. Then move onto the next most expensive credit card debt, and so on. This can slash months off the time needed to become debt free. Of course, you must keep making the minimum payments on all your credit cards and loans, and you must keep an eye on changing interest rates too.
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Personals and Matchmaking Services Guide
A totally free online dating services site which offers dating and matchmaking site reviews, relationship articles, tips and advice for those who are single, and those who are recently divorced. Also offers reviews of the best niche and ethnic dating services, including Muslim personals, dating and matchmaking sites for black women and black men, plus reviews of free dating service sites, plus daily news and features, free live-web chat. If you are looking for a new relationship, to meet a new woman or a new man or just to meet local friends, Dating-Service.com is the place to start. |
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