An Individual Voluntary Arrangement (IVA) is a good solution for people struggling with debt and who need an affordable monthly payment plan to get them out of debt. However, as an IVA is a legally binding contract, it is essential to consider when signing up for one that you adhere to the strict rules attached to the agreement. Your IVA will require you to be disciplined with your spending as your monthly payment plan relies heavily on your budget. But how far can you push your spending whilst you are in an IVA? Are there limits on what you can…
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You may have received a letter telling you that the bailiffs have been instructed to your property. When you are already worried about money issues, the thought of the bailiffs visiting your home does sound scary. However, did you know that you have rights as well as the bailiffs when it comes to collecting a debt? Make sure you read this guide as we provide you with the information you need to help you deal with bailiffs knocking at your door. Find out how to get out of debt. Charlie Walsh Last updated on 22 November 2023 Fact Checked Table…
Death is not a subject we want to hear or talk about, but when it happens, the financial aspect like inherited debt is just as challenging to deal with as the emotional one. So, what happens when a deceased person has debts? Who inherits the debts? The list of questions can often be overwhelming and endless. To get you started, take a look at our top 20 frequently asked questions to find all the answers you need to help you deal with death and debts. 1. Can I inherit debt? When a loved one passes away, you may be worried…
Your credit score is often known as your financial health check. It is important to keep your credit score at a level that lenders find suitable to lend to you. However, when you start missing important payments on personal loans, credit cards and even your mortgage, your credit score is impacted negatively. This means that getting credit out in your name becomes more difficult. Are you currently in debt? Or are you simply looking at ways to continue to keep your credit score in a healthy position? Whatever your reason. Read on as we explain everything you need to know…
Navigating through the financial landscape can be daunting, especially when faced with terms like credit score, which plays a pivotal role in our financial well-being. A credit score is more than just a number; it’s a reflection of our financial habits and behaviours, acting as a key that can unlock a myriad of financial opportunities, especially for those residing in the UK. Understanding the concept and significance of a credit score is crucial, particularly for individuals who are experiencing financial distress and are actively seeking solutions to manage or reduce their debt. It’s a beacon of light for those who…
Missing payments on your debt or debts can have serious consequences. If you can’t or refuse to pay your debts, then expect letters through the post, calls from the debt collectors or even a visit from the bailiffs for debt collection. It’s an unpleasant scenario to be in? So, if you are in debt and need help, what happens when you miss your payments? What will your creditors do to get their money back? Is there support and assistance available if you are in this position? Read on to find out more. Should I be worried if I miss a…
If you are struggling with debt, then it is important to spot the signs you need help with your debt. If you don’t then creditors can take action against you to get back the money you owe them. One of the ways they will try and recover money from you is by applying for a County Court Judgement (CCJ). A CCJ shouldn’t come as a surprise, as quite often you will have already been sent reminder arrears letters in the post. However, what do you do if you get a CCJ? It is important not to ignore it. Instead, read…
Benefits are offered to people who find themselves in a difficult financial situation, such as unemployment, disability or they need to care for someone. Claiming benefits are usually people who have no or are on very low income and getting that extra financial support from the government is seen as a lifeline. As benefits are ‘means tested’, the amount you are entitled to is based on whether you meet the criteria. If you don’t and have no other regular income, then this could have an impact on your finances and get you into debt. If you are claiming benefits and…
People usually take out secured loans when they want to raise large sums of money to pay for bigger purchases like a car or a home renovation. However, you will only be able to take out this type of loan is if you secure it against an asset such as a house or car. Securing a loan against valuable assets carries a significant amount of risk because if you fail to make your loan repayments, your lender can force you to sell your asset or take it away, to recover the money which is owed to them If you find…
Having a roof over your head is the single and most important thing everyone wants. However, when you fail to pay your rent and get into rent debt, this could lead to unhappy landlords and possible evictions. Are you struggling to pay your rent? If you are, it is essential to get help as soon as possible rather than getting yourself into deeper money problems. In this guide, we will talk you through everything you need to know about rent arrears and what help is out there to deal with rent debt without having to be evicted by your landlord.…