Debt Clear Direct

by Northern Ireland Executive

Help With Debt
If you are unfortunate enough to be in debt then you are not alone and help with debt problems are available. The most common form of solution is called an IVA. It’s a financial term and stands for Individual Voluntary Arrangement. It’s a contractual agreement between you and your creditors where you both come to an arrangement to the people or company you owe money to. The idea behind an IVA is to make payments towards your debt so that a percentage of your final debt is paid off while protecting you from being charged further interest or charges on the debt.
An IVA repayment plan lasts for is around 5 years although this amount of time can be reduced to a shorter period if you are able to pay off a lump sum, preferably not gained from another means of credit otherwise you’ll end up back where you started.

As an IVA is an official, legal building document, it has to be set up and overseen by a legally licensed professional body.

Typical questioned asked about IVA’s include:

What are the criteria for getting an IVA? You have to be a resident of England, Wales or Northern Ireland with debts totalling over fifteen thousand pounds. Scotland is slightly different as it has a Standard Trust Deed, which is the Scottish alternative.

How much does it cost? It costs you a percentage of the debt you owe via monthly payments. The amount you pay is worked out by The Insolvency Practitioner who will work with you to decide what you can afford to pay each month. The payments will vary depending on your financial situation and how much you can afford after your vital monthly outgoings have been paid (like rent, bills etc). It’s not quite as plain sailing as that, creditors will rarely settle for any total amount offered that isn’t at least 20-25% of the original debt sum.

Do my creditors have to agree to such a payment plan? 75% of your creditors have to vote in your favour to be able to let you enter into an IVA.

Does an IVA affect my future credit? Under the agreement of an IVA you won’t be able to take any credit out for its duration and a year after the final payment is made.

What happens when I’ve completed my payment plan? You’ll get sent a Statement of Completion within 3 months of the final payment.

What if I don’t make the agreed payments? Then you’ll be made bankrupt.

Would I have to change my lifestyle if I entered into an IVA ? There are specific guidelines to ensure that you have a reasonable standard of living. Expenses such as social life, cable TV, drinking, smoking are all viewed as non-essential luxury items. As a result you need to make sure you document all of your essential living expenses when you apply.

Can I pay off my IVA before the agreed time period is up? If you win the lottery or receive a windfall of money then you’ll be able to pay off your creditors earlier than they anticipated.

Why would I fail An IVA? If you don’t keep up your agreed monthly repayments, or if you lose your job will both affect your chances of getting an IVA.

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by DimitraTzanos

Reducing Debt

So you’re looking at your monthly bills, and your debt load is becoming unmanageable. After paying the rent, stocking up on groceries and putting gas in the car, you can just barely make the minimum payments on your credit cards and other loans. What should you do? By carefully examining your spending patterns and making small sacrifices, you can reduce or eliminate your debt faster than you might think.

Getting debt advice can be tricky. Not everyone wants to expose their personal business to others. There are many organizations available to help you without being judgmental. A quick Internet search will help you find one in your area. Make an appointment, and spend the time gathering up all your bills and paycheck stubs. One of their trained counselors will sit down with you and go through your spending step by step, helping you create a personal plan to get out from under.

There’s a lot you can do on your own, too.

Do you buy lunch every day? You’re probably spending about $ 10 per day to do this – think about packing a sandwich and carrying it to work it’s healthier, and you can save $ 40 to $ 50 per week money you can apply directly to your debt load. Do you really need that fancy coffee drink every morning? Brewing your own can save you another $ 25 per week, or $ 100 a month. There are many similar savings you can find, like switching to basic cable from the bigger packages, or switching it off altogether. Keeping your car in tip-top shape can also save you money by saving gas at $ 4 per gallon, every gallon you don’t burn is money in your pocket.

Now that you’ve identified these savings, and worked out a plan, it’s time to put it into action.

Pick your smallest debt first and apply all your savings to it, while still maintaining minimum payments on the rest. Once that smallest debt is gone (and you’ll be pleased at how quickly it’ll melt away) take the money you were paying on it and apply it to the next highest balance, and so on. Rolling up your debt this way will give you fast, positive results.

It’s very important for your morale to see your debt falling, month by month. Most importantly, don’t expect miracles. It took you some time to build up this debt doesn’t it make sense that it’ll take time to eliminate it as well? Create your plan and work it every month. Soon enough you’ll get out from under.

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by eyewashdesign: A. Golden

Debt Slavery

Though we tend to think of slavery as a civil-war era problem, it is very much a modern-day problem. Research suggests that there are nearly 30 million modern-day slaves around the world. The majority of them are held against their will as the result of debt bondage, or to meet the demands of agricultural and domestic work. Though you cant be thrown into prison for debt in America, excessive debt still enslaves many.

Debt slavery exerts control over your life by monopolizing valuable time and money resources. If it goes unmanaged, debt can ruin relationships, and can cause extreme stress that can manifest itself in many ways, including major health issues.

So how do you break free from debt slavery? First, stop to determine whether or not the situation is truly out of control. What sort of debt do you have? Is it unsecured credit card debt with outrageous interest rates? Or secured debts like a house or car loan? You will want to get rid of high-interest credit card debt first. Take an in-depth look at your income versus expenses, and determine if there are areas in which you can cut back and apply that amount toward debt. Or, is there any way to increase your income and use that amount to pay down debt?

If neither of these ideas is extreme enough to make a significant dent in your debt, there are a few debt relief options that might offer a way back to financial freedom. A debt relief option is not an easy way out of debt. It is a way to reduce debt, that requires consistent perseverance. However, it can give consumers a fresh start.

The most effective form of debt relief is called debt settlement. It is a reliable alternative to bankruptcy, and involves negotiating with a consumers creditors in order to secure a settlement for a percentage of whats owed. Its often the case that extreme circumstances and hardship force the consumer into a position where they simply cannot repay their debts on the creditors terms. Hardships like death, illness, divorce, caring for an ailing parent, or unemployment can tear away any sense of financial normalcy and make anyone a slave to debt.

In these cases, debt settlement can meet both the needs of creditors who want to recover their funds, and consumers who have no ability to pay the full amount. By paying a settlement that is considered payment in full, consumers under extreme financial pressure resolve their debts, while creditors recover at least a portion of their money, rather than losing it all in bankruptcy.

If you are a slave to debt, crushed by the weight of life circumstances, debt settlement may offer real relief. Choose a reputable settlement company that employs good business practices, and does not accept fees before services are actually rendered. Debt settlement programs generally take 12-36 months to complete, depending on the amount of debt.

The bottom line is that you do not have to remain under debts control. With debt settlement, you can get out of debt, and onto a new financial beginning.

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Using Unsecured Debt Consolidation for Debt Relief

Are you having trouble catching up with your payments? Before your debt problem grew big, why not consider consolidating your debts with an unsecured loan? Through this loan, you will be able to pay your creditors to stop your debts from further accumulating because of the monthly interest rates and penalty fees.

An unsecured loan is one that is not backed-up by collate ral. Hence, you do not need to submit a property or a personal asset in order to get the financing you need. Yes, taking out an unsecured debt consolidation loan is a good option for tenants or non-homeowners.

How to Benefit From Your Unsecured Debt Consolidation

How can you use your unsecured debt consolidation loan to be free from debts? Listed below are essential reminders for people who plan to acquire this method of debt consolidation:

Find a trusted lender.

Not all lending companies that offer unsecured debt consolidation loans are legitimate and can be trusted. There are predatory lenders who may try to take advantage of your situation by offering easy approval loans packed with unreasonably high rates and fees. To be truly set free from debt, you need to acquire a loan only from a reputable lender.

Study the loans terms. Make sure that you clearly understand the terms and conditions of your unsecured debt consolidation loan. See to it that you will not be charged with hidden fees. If there are statements in your loan contract that you do not understand, clarify the matter before signing up for the loan.

Plan your repayment.

As soon as your debt consolidation loan has been approved, you can pay your creditors using the lump sum cash in your hands. However, your obligation as a borrower does not end there. Keep in mind that you still have an obligation to pay your debt consolidation loan lender. Before applying for an unsecured loan, plan your repayment strategy to make sure that you will be able to pay according to your lenders terms.

Pay on time. Timely payment is crucial to avoid additional penalty charges. Also, the sooner you can complete your unsecured debt consolidation payment, the more you can save and the sooner you will be free from debts. It is also recommended to set up automatic payment with your bank to ensure that you will not miss a single loan payment.

Avoid new debts. Repayment of your unsecured debt consolidation loan should be your number one priority at the moment. Therefore, avoid incurring new debts which can add burden to your current obligations especially if you own credit cards. Allocate your monthly earnings wisely and make sure that you do not overlook payment to your debt consolidation lender.

Communicate with your lender. In case there are instances when you cannot submit your loan payment on schedule, speak with your lender immediately. Explain your situation and request for an extension of your payment due date. By getting in touch with your lender right away, problems can be avoided and you can work out a solution right away.

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Having Money Problems?

Having money problems? Would you like to stop the interest on your debts increasing and have lower monthly debt repayments? Then debt help companies are for you. They talk to all the people you owe money to and arrange 1 single repayment to be spread amongst all of them. This means less hassle for you, lower repayments for you, and no annoying phone calls from your creditors. Repayments can often be lower by as much as 75%, although most people will be below 60%. Some plans can guarantee that you will be debt free in 5 years or less.

There are options to suit people will smaller debt amounts, such as 2000 to 10,000, and plans for debts of 10,000 and more. Typically you will be looking at what is called a debt management plan for lower debts, and an Individual Voluntary Arrangement (IVA) for larger amounts. But this is not set in stone and can change according to your circumstances.

A debt management plan is an informal agreement with your creditors, and an IVA is a formal agreement.

This means you will sign a contract if you take up this option. With an IVA you can sometimes freeze interest on your debts, but this won’t happen with debt management. Both solutions work because a creditor would rather have some money from you than none at all. If you went bankrupt it might be that they get none of their money back, so this is why most creditors will be happy to come to one of the above arrangements with you. These are thus perfect solutions to your money problems.

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