What is a debt management plan?

Dealing with debt can be overwhelming, when it feels like there’s no clear way out. Debt Management Plans (DMPs) can help individuals pay off debts at a rate they can afford, over a longer period of time. However, they will have consequences on an individual’s ability to borrow in the future, as a ‘live’ DMP…

Read More

What is an individual voluntary agreement (IVA)?

An Individual Voluntary Arrangement (IVA) is a form of debt management and alternative to bankruptcy. They are designed to help individuals who are struggling to manage their debt. How do they work? IVAs work by ‘freezing’ an individual’s debts (including interest and charges) for a fixed period of time (usually 5 – 6 years). Over…

Read More

Thinking of consolidating your debts?

Debt consolidation is a form of lending used to bring together existing borrowing into one loan with one monthly repayment. Debt consolidation can be a good option for people with multiple debts (such as credit cards, store cards or overdrafts), who want to simplify their finances. Example:Debt consolidation can make it easier to manage your…

Read More

Buy Now Pay Later Schemes: How vulnerable do they make you?

Buy Now Pay Later (BNPL) schemes have become increasingly popular over recent years. They allow individuals to purchase goods and services and spread the cost (interest-free) over a number of monthly instalments. Some retailers have their own BNPL scheme, however many use a third-party provider such as Klarna, and Afterpay. When an individual opts into…

Read More

Loan Sharks: Who is really behind the mask?

loan sharks behind the mask

What does a loan shark look like to you? When thinking about a ‘loan shark’, the chances are that the image that springs to mind is the ‘TV soap gangster’. But in reality they are not always that easy to spot. They could just as easily be that neighbour who always stops to chat, a…

Read More

How financial associations affect your credit profile

A financial association is a link between two or more people who have shared financial accounts or products. This includes joint bank accounts, credit cards, mortgages, and loans.  Financial associations can affect your credit profile, as their credit history may also be taken into account when lenders make credit decisions. If a financial associate has…

Read More