Last Updated:
October 18, 2018

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DIY Debt Help

So …… you’re in debt and want to sort things out yourself – diy debt help – where should you start ? First things first, DON’T PANIC, after all, it’s only money isn’t it and, no matter how horrible things feel right now it’s usually not that bad and don’t forget that you are never alone – especially right now when there are thousands and thousands who find themselves in the same, if not worse position to you. Again, it may not feel like it, but there are things you can do and steps you can take and you CAN Keep Reading >>>
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Bankruptcy

Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. It is the final extreme of debt. If you have no way of making repayments with what income you receive then declaring bankruptcy may be your only option. It should only be done as a last resort as there are consequences that come with it. If you are considering bankruptcy it’s vital that you talk to an expert as there MAY be an alternative option. Once bankruptcy has been declared it is the courts that decide how much you Keep Reading >>>
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IVA

An Individual Voluntary Arrangement, or IVA as we commonly know it, is a formal agreement made between a debtor and his creditors about how debts will be paid (either in full or in part). You need to apply to a court and an insolvency practitioner has to be appointed to supervise the arrangement. An IVA is an alternative to bankruptcy. The terms of the proposal to creditors may be very flexible, but creditors would usually expect that they would receive at least as much from the debtor as they would if the debtor was made bankrupt. An insolvency practitioner (IP) Keep Reading >>>
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Debt Relief Order

A Debt Relief Order (or DRO) is a court order that can be applied for if you can’t afford to pay off your debts, which must be less than £15,000, and if you are on a low income. It will normally last just one year during which time none of your creditors will be able to take action against you to reclaim their money and after the year is up you could be debt free! A DRO has to be applied for via the Insolvency Service but it’s a much cheaper option than bankruptcy but is not for everyone and restrictions do Keep Reading >>>
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Debt Management Plan

A Debt Management Plan, or DMP as it is commonly known, is an informal agreement between you and your creditors to pay back your unsecured debts with a monthly payment that you can afford. Your monthly payment is determined by carrying out an analysis of your individual circumstances and seeing what is realistically affordable for you to pay. By looking at ways of maximising your income or reducing any overspending and by identifying and prioritising your most important debts a Financial Statement can then be produced which reflects your personal circumstances (see section Help Me Out Of Debt for details Keep Reading >>>
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