Dealing with debt
What is a debt relief order?
A Debt Relief Order (DRO) is a formal debt remedy. A DRO is an alternative to bankruptcy that is designed for people who cannot afford to pay off their debts. DROs can offer a fresh start to those who are struggling with unmanageable debt. How it works DROs are for people with lower levels of…
Read MoreWhat 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 MoreWhat 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 MoreThinking 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 MoreLoan Sharks: Who is really 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 MoreCredit repair services: are they worth it?
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…
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