Archives for the 'IVAs' Category
IVA time bomb
Debt Category: IVA (Individual Voluntary Arrangement) Help and AdviceThousands of people are facing an IVA time bomb.Under the terms of an individual voluntary arrangement, some of the value of their properties has to be released to put towards paying off debts.However, the new loans they must take out will probably be at higher rates than […]
Amnesty declared for debtors
Article Category: IVA (Individual Voluntary Arrangement)An ‘amnesty’ between banks and the sellers of formal debt means that some hard-pressed borrowers will find it easier to pay off their loans thanks to a resolution of an on-going row in the debt management industry.People who are unable to pay off debts but are unwilling to file for […]
Debt charity criticises Rock
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceA debt-charity has criticised soon-to-be nationalised Northern Rock for the way it treats hard-pressed borrowers.Malcolm Hurlston, chairman of the Consumer Credit Counselling Service (CCCS) said in an interview with Channel 4 News that the high street bank had a "poor reputation" among debt counsellors.He said that they […]
New standards agreed for IVA’s
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceNew standards governing the way IVAs are sold and advertised are set to be put in place.Borrowers who can no longer afford to repay loans will now have greater protection by way of agreed industry standards for advertising, advice, information and documentation, as well has higher levels […]
Know your options
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceBorrowers swimming against a rising tide of debt should study all their options before jumping on one particular financial life raft, according to a debt help organisation.Debt Help UK says that it is "incredibly important" that debtors should be aware of all debt solutions that are open […]
Bankruptcy ‘could be solution’
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceDeclaring themselves bankrupt could be the only "solution" for many over-stretched debtors, according to a debt charity.The Consumer Credit Counselling Service (CCCS) says that although it still carries a stigma, bankruptcy could be the only way out for many.It warns that the number of financially-stretched people hitting […]
Thousands might be declared insolvent
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceConcern is mounting that this year could be the worst ever for personal insolvencies.Accountant KPMG has predicted that around 130,000 debtors will enter an Individual Voluntary Arrangement (IVA) in 2008.Last year more than £1.3 billion was written off as a result of IVAs, which enable an individual […]
Not all ‘doom and gloom’ if facing repossession
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceThe threat of repossession is not a "doom and gloom" situation if borrowers take adequate measures early enough.There are "options" available to struggling homeowners behind on their mortgage repayments but they must not act as if it is not happening, the Repossessions Advice Centre said today.Director Paul […]
Debt charities on standby
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceDebt charities are standing by for the annual post-Christmas torrent of calls as borrowers struggle to keep up with credit repayments.January is normally a month, following the consumer frenzy of the festive period, when many people wake up with debt-laden financial hangovers.Calls to charity National Debtline in […]
Debt laden mortgage-payers thrown lifeline
Article Category: IVA (Individual Voluntary Arrangement)Help and AdviceYesterday’s interest rate cut may have thrown debt-laden mortgage-payers a lifeline, according to a money advice charity.The National Debtline service said that passing on the Bank of England’s (BOE) reduction of 0.25 per cent would help borrowers, especially those coming to the end of fixed-rate deals.Spokesperson Beccy Bolden […]