Dealing with debt

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…

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…

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…

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…

Having a good credit score is important for your financial wellbeing. A good credit score can help you get loans, favourable interest rates, and mortgage approval. For these reasons, it is understandable why people with ‘poor’ credit scores want to improve it as much and as quickly as possible. This has led to the rise of…