Monday 28 February 2011

The Road to an IVA

IVA Advice & IVA Help

Sometimes, understanding what actually happens during an IVA can be quite difficult.

You will probably have enough on your mind with your debts, and won’t even stop to think about the actual process involved on an IVA – so here’s a step-by-step guide to help you understand what will happen before, during and after the agreement.

Step one – speak to a professional debt adviser

Before you enter an IVA, you should contact a professional debt adviser and speak to them about your current financial situation. Depending on your level of debt (amongst other things), you may find that that an alternative debt solution would be more appropriate for your circumstances.

However, if your debt adviser believes that an IVA is the most suitable solution for you – and you decide to enter one – you will work with an Insolvency Practitioner (IP) to come up with a proposal to give to your creditors.

Known as an IVA Proposal, this will include details regarding your current financial situation and how much each of your lenders is likely to receive if the IVA was to begin.

Step two – your creditors will review your IVA

Your creditors will each be sent a copy of your IVA proposal, and will be given the opportunity – after reviewing it – to vote for or against it. For the IVA to go ahead, voting creditors accounting for at least 75% of your total debt must agree to the terms set out in your proposal.

Step three – the IVA will begin

If enough of your creditors agree, the IVA will begin and all recovery action will be frozen. You will begin making payments to your IP, who will subsequently share money out amongst your creditors as agreed. In most cases, you will make these payments for 5 years – however, this may vary depending on the terms of the IVA, and whether you miss any payments throughout its duration.

Because an IVAis a formal, legally binding debt solution, once it has started, your creditors cannot change the terms of the agreement, or back out of it altogether – unless you fail to stick to the terms.

Step four – regularly review your progress

Both you and your creditors have certain obligations under the terms of the IVA and your IP is responsible for supervising the arrangement to make sure that these are met.

This will include regularly reviewing your income and expenditure and reporting on the progress of your IVA to you and your creditors. They will need to provide certain information at regular intervals throughout the term, copy pay slips for example.

Step five – you may be required to release equity

If you are a homeowner, you may be required to release some of the equity in your home during the 54th month of the agreement. This money will be used to repay more of your unsecured debt.

Step six – the IVA comes to a successful close after 60 months

After making your final payment (usually in the 60th month), the IVA will come to a successful conclusion, and any remaining unsecured debt will be written off.

You will be legally debt-free at this point, but the IVA will stay on your credit report for another year, which will restrict access to further credit and/or make it more expensive to obtain.

Debt Advice & Debt Help

If you are struggling to repay your monthly credit card and loan payments then you will naturally cut back on living cost like food, utility bills and entertainment, but there are other ways to get out of debt without your standard of living dropping

At Debt Help Compare we use a number of different trusted companies to help clients to get out of debt. We help you to find the best debt solution that suits your needs and we will connect you with the best company to help you to get out of debt.

Debt Management Plans

IVA Advice / Individual Voluntary Arrangement

Bankruptcy

Scottish Trust Deed / Protected Trust Deed

Consolidation Loans

Debt Help

Compare Debt Solutions, Debt Companies and Debt Fees

Other Debt Advice and Debt Help related websites you can visit for:

Bankruptcy Advice (www.makemebankrupt.co.uk)

IVA Advice (www.ivasquirrel.co.uk)

Debt Management Plans (www.madisonfinancial.co.uk)

Debt Help (www.debthelpcompare.co.uk)

Debt Help in Scotland (www.debthelpinscotland.com)

Consolidation Loans (www.loandecline.co.uk)

PPI Claims (www.yourppiclaims.co.uk)

Timeshare Claims (www.missoldtimeshare.co.uk)

Sunday 27 February 2011

DB Mortgages first to be fined for irresponsible lending

Have you been got a mis sold mortgage claim?

The FSA has fined DB Mortgages, part of the Deutsche Bank Group, £840,000 for irresponsible lending practices and unfair treatment of customers in arrears, and secured redress of approximately £1.5 million for DB Mortgages’ customers.

The regulator found that on lending practices, DB Mortgages failed to show that customers could afford mortgages sold where the term continued after their retirement, failed to consider whether there were cheaper mortgages available for customers seeking self-certified mortgages, and failed to ensure that customers had thought about where they would live at the end of the term if they needed to sell their house to pay off an interest-only mortgage.

On treatment of customers in arrears, DB Mortgages did not consider customers’ individual circumstances or tell them about the range of options that were available to them, and applied charges that were unfair because they were charged repeatedly or did not accurately reflect the cost of administering an account in arrears.

The FSA has taken into account that DB Mortgages worked in an open and co-operative way with the FSA and has made significant improvements to its arrears handling procedures. As a result of early settlement, the firm also qualified for a 30% discount under the FSA’s settlement discount scheme. Without the discount, the fine would have been £1.2 million.

Margaret Cole, the FSA’s managing director of enforcement and financial crime, said: "This is the first time that we have taken enforcement action against a firm for irresponsible mortgage lending. Firms need to understand that we will not tolerate lax lending practices and unfair treatment of customers in arrears.

"Firms which fail in their obligations to customers should expect not only a substantial fine but also that they will have to pay back customers who have been disadvantaged by their failings."

People who believe they may have a claim against the broker or lender can contact "Mortgage Claim Scheme"www.mortgageclaimscheme.co.uk a speak to a mis-sold mortgage claims specialst on 0845 519 6823

Mortgage Claim Scheme

Have you got a Mis Sold Mortgage Claim?

Its is not just Halifax that have been mis leading and mis selling to there customers. We provide a FREE Mis Sold Mortgage Assessment to establish if you have the right to make a Mis Sold Mortgage Claim.

If you feel that you have a Mis Sold Mortgage Claim, or you would just like to take advantage of our FREE Mis Sold Mortgage Assessment the you can call our assessment line on 0845 519 6823 or you can complete out online enquiry for and one of our advisors will call you back (FREE Mis sold Mortgage Assessment).

Friday 25 February 2011

Is Bankruptcy my best option?

Bankruptcy Advice & Bankruptcy Help

Bankruptcy as a solution

It is definitely worth mentioning a few words about bankruptcy as a solution. People are often horrified by the thought of bankruptcy because, by reputation, it is the most notorious of all debt help solutions. It is true that it can have serious consequences but that does not make it the worst debt help solutions. The reality is that the worst solution is opting for the wrong solution or doing nothing at all.

For instance, let's assume that you have previously entered into a debt management plan or an IVA. Quite often with these solutions you will be making repayments for a significant period of time. Most will find this a struggle. If, for example, you can no longer make the repayments then you may well end up going bankrupt anyway. This can happen years down the road, which has to be worse than entering bankruptcy in the first instance. Unfortunately this happens more often than it should, largely because of poor debt advice being given.

To find out if bankruptcy is the best debt help solution for you complete our “FREE 60 second debt calculator” and one of our experts will call you back and talk you through our bankruptcy process.

If you are finding it tough making the decision or are worried about bankruptcy then please understand that you are not alone. I remember when I was considering bankruptcy that it took me weeks to get all the information together, take the correct advice and finally take the plunge. That was with a financial services background!

What should you expect when going bankrupt?

When I was considering bankruptcy I remember the worry. With hind sight, despite the serious consideration that going bankrupt deserves, there is much worse that life can throw at you. It is impossible to determine what you should expect without understanding your situation but I think it is fair to say that bankruptcy is certainly a worrying time. You will have to go to court and you will almost certainly face an investigation. That is enough to put the worry in to most people. Having said that, going bankrupt is not all doom and gloom, at the end of the day your bankruptcy debts are wiped and with the correct information and advice the bankruptcy need not be as consequential as you first thought.

The key to minimising the consequences of going bankrupt is information and advice. Plenty of information will ensure that you have an understanding of the process and good advice will explain how the bankruptcy will affect you personally and how best to approach it. This will also help to ensure that the process is as smooth as possible for you and your family.

Debt Advice & Debt Help

We have a team of experience debt experts that can talk your through all of the options available to help you get out of debt without lowering you standard of living.

Debt Management Plans

IVA Advice / Individual Voluntary Arrangement

Bankruptcy

Scottish Trust Deed / Protected Trust Deed

Consolidation Loans

Debt Help

Other Debt Advice and Debt Help related websites you can visit for:

Bankruptcy Advice (www.makemebankrupt.co.uk)

IVA Advice (www.ivasquirrel.co.uk)

Debt Management Plans (www.madisonfinancial.co.uk)

Debt Help (www.debthelpcompare.co.uk)

Debt Help in Scotland (www.debthelpinscotland.com)

Consolidation Loans (www.loandecline.co.uk)

PPI Claims (www.yourppiclaims.co.uk)

Timeshare Claims (www.missoldtimeshare.co.uk)

Compensation Claim (www.compensationclaimline.co.uk)

Mis Sold Mortgage (www.mortgageclaimscheme.co.uk)

Wednesday 23 February 2011

Teenager injured by mincing machine

Compensation Claim

A teenager has obtained serious injuries after his arm was sucked into a mincing machine whilst at work, Safety Sign Supplies has reported.

The 16-year-old trainee, who chose to remain anonymous, was an employee of Malpass Direct Ltd when the incident took place. The meat processing firm uses a range of machines, and the victim was attempting to remove a blockage from a mincing machine when his arm became trapped.

It is thought his bones were severely damaged, along with the muscle in his forearm. Furthermore, he has been left unable to move two of his fingers due to the accident.

An investigation into the incident was undertaken by the Health & Safety Executive (HSE), who ruled that the trainee had not been supervised properly whilst operating the machinery. The machines has also had their safety interlocks disabled, in order to speed up the manufacturing process.

Malpass Direct Ltd was found to be in breach of health and safety regulations, and as a result, was ordered to pay £9,000 in accident at work compensation, at Brighton Magistrates’ Court, according to The Argus.

“This incident was completely avoidable and has left a young man with permanent injuries,” said the inspector behind the investigation, Graham Goodenough.

“The level of supervision offered in this instance was unacceptable and the company could have taken simple measures to prevent unsupervised use of the mincing machine by this trainee.

Compensation Claim Line

Compensation Claim Line helps people to make a Compensation Claim for injuries that were caused by someone else’s negligence. We can handle any type of accident claim now matter how unusual and we specialise in:

Car Accident Claims

Trip, Slip and Fall Claim

Medical Negligence Claim

Accident at Work Claim

Criminal Injuries Claim

Personal Injury Claim

Other Related Websites:

Car Accident Claim (www.carcrashclaimline.co.uk)

Car Crash Claim (www.carcrashclaimline.co.uk)

Personal Injury Claim(www.personalinjuryclaimsline.co.uk)

Medical Claim (www. medicalclaimline.co.uk)

Road Accident Claim (www. roadaccidentclaimline.co.uk)

Accident at Work Claim (www.workaccidentclaimline.co.uk)

Tuesday 22 February 2011

Under 25's - "Facing Biggest Financial Challenge"

Debt Advice & Debt Help

New research has suggested those aged 25 and under face some of the biggest financial challenges of any generation in British history.

Research carried out by First Direct has shown that if a young couple want to get married, buy a house and start a family – they would need to earn over £39,000 a year – 55 per cent more than their parent's generation.

House prices may be a particularly large factor in this, but the overall picture of greater indebtedness and larger financial pressures was made clear by the survey findings.

One of these was the view expressed by 76 per cent of respondents that young people today are the most financially-pressured generation ever. And in addition to this, 35 per cent of those aged 25 or less said they had to borrow money just to deal with basic living expenses.

Such a situation may leave some needing debt management help, not least as the survey also found 40 per cent expect the amount they owe to rise rather than fall in the years ahead.

The financial situation is reflected in major life-changing decisions such as buying a house and starting a family happening later in life or not at all, although 34 per cent said the financial strains of today make them more determined to succeed in their careers and 68 per cent stated it will make them take decisions more carefully.

However, the debt and financial struggles of the young may be harder to deal with for many as they cannot find work at present, with the latest government employment figures showing 20.5 per cent of 16 to 24-year-olds out of work, nearly three times the level for the working population as a whole.

Debt Advice & Debt Help

We have a team of experience debt experts that can talk your through all of the options available to help you get out of debt without lowering you standard of living. We can advise on: