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Free Debt Advice UK
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We are Licensed Debt Counsellors and experts in debt management, debt consolidation and debt counselling. Our advice is FREE, the call is FREE.
If you are in debt and need free debt advice regarding your financial situation, we are here to help. We will look carefully at your situation and offer a debt repayment solution which is right for you.
We have helped many other people like you who are now debt free.
If you live in the UK and need help with a debt problem, let us know.
Just submit the 'Apply Now' Form and well call you back, You don't even need to page for the phone call.
Your legal rights: Coping with many Debts
Information for those with Multiple Debt Problems. If you have many different debts, there are several ways, using the courts, that you can help to sort things yourself.
article keywords: Coping, Debts, mangement, Administrative, orders, advice, Information, Bankruptcy, Bankruptsy.
Administrative orders
If you have at least one High Court or County Court Judgment (CCJ) against you, and your total debts are no more than £5000, you can apply for an 'administration order' (AO). This allows the court to send payments to all your creditors. You make one monthly payment to the court and this is then split between all your creditors in a way the court decides.
Once this happens, a creditor can't take any action against you, and they will stop adding interest to your debt. The administration order can include:
- Council Tax;
- gas, electricity, phone and water bills; and
- fines.
These creditors may object to being included on the administration order, but the court will decide whether or not to include them.
Individual voluntary arrangement (IVA)
An IVA is a legally-binding arrangement between you and your creditors that is drawn up by a qualified insolvency practitioner (usually an accountant). You must agree to pay money, as a lump sum, instalments, or both. In return, your creditors may:
- write-off part of the debt; and
- not take court action against you or make you bankrupt.
You have to pay all the costs and fees and also a large amount of the debt, so it is realistic only if you have a fair amount of spare money or things you can sell to pay your debts.
Not everyone qualifies for an IVA. Call us now to discover if you qualify.
Bankruptcy
This releases you from your debts after two or three years. But your finances will be officially investigated, and you will have to make reasonable payments towards your debts for the first two or three years, if you can afford to do so.
Bankruptcy is not an easy option and you should also get expert advice before applying to make yourself bankrupt. It may not be suitable for people:
- With certain types of job (for example, if you work in finance, you are a solicitor, or self employed);
- If you own (or are buying) your own home; or
- If you have a lot of other assets.
And there are some types of debt you will still have to pay after bankruptcy:
- Magistrates' fines;
- Maintenance for a partner or children;
- Debts from fraud; and
- Come forms of student loans.
Finally, you must make a lump-sum payment (currently at least £250) to make yourself bankrupt (even if you are receiving benefits). This fee alone rules it out for many people.
Bankruptcy Alternatives
Debts over £15K ? An IVA maybe the solution for you. upto 70% of all Debts written off.
Bad Credit Loans
Specialists in helping UK residents who have been refused a loan elsewhere.
See Also Abacus Debt Advice- Debt Management Programme
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