July 2, 2009
'Bankruptcy' the term that can raise the goose bumps of almost
every individual who hears it and even a nervous breakdown to
those who confront it. Bankruptcy stands for the situation when
a person runs into huge debts and there is hardly any money left
with him to repay those debts. The clouds of bankrupt situation
can hover over anybody's life be it a successful business man
who has never ever fathomed it or any greenhorn entrepreneur who
had thought of going a long way ahead.
There are sever...
July 1, 2009
The UK is facing a debt crisis fuelled by over spending and over
borrowing. In June of this year personal debt in the UK broke
through the £1.1 trillion barrier and Britain's personal debt is
reported to be rising by £1 million every 4 minutes.
The rise in the number of people seeking to set up Individual
Voluntary Arrangements (IVA), the government's much touted
alternative to bankruptcy, demonstrates both the extent of the
problem and the perceived advantages of this new debt solution.
But i...
June 30, 2009
If you are overwhelmed and decide to seek the services of a debt
counseling agency, make sure you find a good one.
Before we delve into this topic, let me say that every trade has
good people and bad people. Unfortunately, some debt counseling
agencies give the good ones a bad name. With that said, there
are PLENTY of legitimate Debt Counseling organizations that will
help you manage your money and develop a budget that is suitable
to your situation.
The first thing to do is RESEARCH. Look for...
June 29, 2009
An Individual Voluntary Arrangement (IVA) is an alternative to
bankruptcy. If you have a substantial amount of unsecured debt
an IVA could be your best solution.
IVAs are controlled by government legislation and can only be
set up by licensed Insolvency Practitioners. An IVA acts as a
legally binding agreement between you and your creditors,
freezing interest charges on your debt and setting an affordable
monthly payment amount over an agreed fixed period (usually 5
years).
It is important to re...
June 28, 2009
The most important first step you should take is to admit that
you have a financial problem. As soon as you do that, you have
taken a very big leap towards positive debt counseling and will
soon recover from your debt problems. As they always say, the
biggest obstacle to debt recovery or debt consolidation is
denial. As long as you refuse to face up to your debts and
financial problems, you’ll remain stuck in your predicament.
Debt counseling is a kind of service that you can make use of in
o...