Debt Problems � Common Legal Solutions in Plain English
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Paul Goodman
Apr 19, 2010, 12:25:01 PM4/19/10
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Article Title: Debt Problems – Common Legal Solutions in Plain English
Author: Paul Goodman
Word Count: 555
Article URL: http://www.isnare.com/?aid=504220&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=504220
Easy Publish Tool: http://www.isnare.com/html.php?aid=504220
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People facing debt problems are often under pressure and it can be difficult to know where to begin to sort unmanageable finances out. This article presents a summary of legal debt management options available for different circumstances in straightforward language to help you before contacting an expert for impartial debt management advice.
IVAs
An option for debts totalling £15,000 or more to 3 or more creditors. Properly advised Individual Voluntary Arrangements (IVAs) should be an agreement made for at least five years involving a more affordable monthly payment. After being finalised, there should be no more letters or phonecalls or new court actions from creditors demanding payment. They’re not announced in local papers and can sometimes (but not always) stop people losing a home. If you adhere to the IVA properly, those outstanding debts are written off on its expiry.
Since it involves legal steps, do obtain impartial debt management advice to see if it is the best option. A Licensed Insolvency Practitioner (IP) represents you if you go ahead.
Debt Management Plans
Another option for people owing 2 or more creditors a total of at least £5,000 (or more). Essentially, a plan devised with a third party who negotiates with creditors. Throughout the plan, your payments are made to the third party for subsequent distribution among your creditors.
Candidates would need at least £100 monthly ‘disposable income’. That means each month, £100 after essential living expenses and routine bills (mortgage/rent, food, travel costs/petrol, childcare, gas/electricity, etc).
Again, to ensure it would be the best solution for your particular debt problems talk to a specialised debt management advisor.
Trust Deeds
Operate in Scotland and involve working with an Insolvency Practitioner (IP) to draw up a payment proposal for them to present to creditors, typically a 3 year payment plan. 2 types exist, for the first type, it is essential creditors agree to the proposal. For the second type (‘Protected Trust Deeds’) creditors agree to stop new interest, charges and contact with you demanding payment. Its not possible to fully detail every aspect in this brief summary, so do contact a quality debt advisor to find out more.
Bankruptcy
A Trustee is appointed to review your finances, taking into account your everyday living expenses and you declare any assets including property. The Trustee oversees the sale of assets not required for everyday living and distributes the proceeds raised to your creditors. Until discharged, you can’t be a company director or carry out certain trading activities, and you must tell future creditors about the bankruptcy. It is characterised as having the least privacy among the options here.
As you can imagine, there are a number of legally binding steps involved and we cannot emphasise strongly enough how important good quality debt advice is here. It may provoke strong reactions but quality debt advice can explain the type of situations when it presents an option.
By now, you should have a little more insight into the most common legal solutions but we do repeat our statement, good quality impartial advice can help you avoid some of the misleading or untrue claims made by more dubious companies at a time when you may be under strain.
About The Author: From our Directors' eleven years professional support roles providing impartial http://www.debtoptions.co.uk/ debt management advice, we feel every situation merits a high quality realistic http://www.debtoptions.co.uk/debt-management-plans debt management response.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=504220
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Please consider this free-reprint article written by:
Paul Goodman
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=504220
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=504220
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Debt Problems – Common Legal Solutions in Plain English
Author: Paul Goodman
Word Count: 555
Article URL: http://www.isnare.com/?aid=504220&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=504220
Easy Publish Tool: http://www.isnare.com/html.php?aid=504220
*********************** ARTICLE START ***********************
People facing debt problems are often under pressure and it can be difficult to know where to begin to sort unmanageable finances out. This article presents a summary of legal debt management options available for different circumstances in straightforward language to help you before contacting an expert for impartial debt management advice.
IVAs
An option for debts totalling £15,000 or more to 3 or more creditors. Properly advised Individual Voluntary Arrangements (IVAs) should be an agreement made for at least five years involving a more affordable monthly payment. After being finalised, there should be no more letters or phonecalls or new court actions from creditors demanding payment. They’re not announced in local papers and can sometimes (but not always) stop people losing a home. If you adhere to the IVA properly, those outstanding debts are written off on its expiry.
Since it involves legal steps, do obtain impartial debt management advice to see if it is the best option. A Licensed Insolvency Practitioner (IP) represents you if you go ahead.
Debt Management Plans
Another option for people owing 2 or more creditors a total of at least £5,000 (or more). Essentially, a plan devised with a third party who negotiates with creditors. Throughout the plan, your payments are made to the third party for subsequent distribution among your creditors.
Candidates would need at least £100 monthly ‘disposable income’. That means each month, £100 after essential living expenses and routine bills (mortgage/rent, food, travel costs/petrol, childcare, gas/electricity, etc).
Again, to ensure it would be the best solution for your particular debt problems talk to a specialised debt management advisor.
Trust Deeds
Operate in Scotland and involve working with an Insolvency Practitioner (IP) to draw up a payment proposal for them to present to creditors, typically a 3 year payment plan. 2 types exist, for the first type, it is essential creditors agree to the proposal. For the second type (‘Protected Trust Deeds’) creditors agree to stop new interest, charges and contact with you demanding payment. Its not possible to fully detail every aspect in this brief summary, so do contact a quality debt advisor to find out more.
Bankruptcy
A Trustee is appointed to review your finances, taking into account your everyday living expenses and you declare any assets including property. The Trustee oversees the sale of assets not required for everyday living and distributes the proceeds raised to your creditors. Until discharged, you can’t be a company director or carry out certain trading activities, and you must tell future creditors about the bankruptcy. It is characterised as having the least privacy among the options here.
As you can imagine, there are a number of legally binding steps involved and we cannot emphasise strongly enough how important good quality debt advice is here. It may provoke strong reactions but quality debt advice can explain the type of situations when it presents an option.
By now, you should have a little more insight into the most common legal solutions but we do repeat our statement, good quality impartial advice can help you avoid some of the misleading or untrue claims made by more dubious companies at a time when you may be under strain.
About The Author: From our Directors' eleven years professional support roles providing impartial http://www.debtoptions.co.uk/ debt management advice, we feel every situation merits a high quality realistic http://www.debtoptions.co.uk/debt-management-plans debt management response.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=504220
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com --
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