I had a very interesting conversation with a colleague in the debt industry this week who runs a debt management firm. In the running of his business, he deals with debt collection agencies all the time, and so gets to know a bit about their business along the way, as one would.
He was talking to [...]
Otherwise known as an IVA, an individual voluntary arrangement is a formal agreement between you and your creditors whereby you agree to repay what you can afford over a period of five years.
An IVA must be setup through an insolvency practitioner, and so it will cost you money to setup.
All of your creditors get a [...]
This article is meant as an aide to yesterday’s article, how to setup a debt management plan, and is a thorough guide on how to prepare a budget for your creditors which can be used to convince them that you really can’t afford your debts any longer.
When preparing a budget, it is absolutely essential that [...]
When I first came to realisation that I wouldn’t be able to pay my debts, I sought advice from the Consumer Credit Counselling Service. Their advice, whilst being quite helpful to a degree, can only really be taken with a pinch of salt.
Why? Because, as I understand it, they are a charity which receives a [...]
This is my first entry in what will become a free resource for people looking to eliminate debts.
My story is that I am in the process of writing off my debts as we speak. So far I have agree full and final settlements with two of my eight creditors.
The total amount of debt for these [...]
