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An Individual voluntary arrangement (IVA) is an alternative to bankruptcy in some circumstances. An insolvency practitioner takes charge and a repayment plan is negotiated dependent upon income and expenditure. If 75% of creditors agree the agreement will become legally binding and bankruptcy is avoided if all of the payments are met. There is a fee for an IVA but this does not have to paid up front. Read the rest of this entry »
A payday loan is a short term loan in advance of your regular pay day, which you might find of use if an emergency financial situation occurs, you don’t have enough money to cover it, and your pay day is too far away. Read the rest of this entry »
Never be afraid to seek debt help, however you find it suits you best. If you find you are keeping secrets about financial troubles from someone that cares about you, you’ve got a problem that needs dealing with, so get working on it as soon as possible. But start the easy way, for your own sense of self-belief, and in some ways, for your own protection. Here are a few suggestions: Read the rest of this entry »
Unless you’ve been on another planet for the past six months you’ve probably heard of the credit crunch. But what is the credit crunch and what does it mean to you?
Over the past few years banks have been eager to lend money while being less than careful in checking the ability of the borrowers to pay back. In particular numerous mortgages were loaned to sub-prime borrowers (ie those with impaired credit records) by commission hungry salesmen. These risky debts were re-packaged and sold on to other institutions, thus finding their way throughout the financial system. Read the rest of this entry »
thisismoney.co.uk carries the disturbing story of a businessman who lost £250,000 (~$500,000) from his pension fund as a result of poor financial advice.
68-year old Ted Rapley had accumulated £437,000 over 30 years and was set to receive a comfortable lifetime retirement income of over £32,000 a year. However, on the recommendation of his financial advisor, Mr Rapley opted for much riskier stock market-based investments which have performed poorly, but from which the advisor pocketed huge commission. Read the rest of this entry »
