Grate Scot: Forgoing Food to Meet Debt Repayments in Scotland Best Syndication
The Citizens Advice Scotland has today released the latest of its seven recent reports cataloguing the harsh reality of debt within Scotland. The reports document that, following news at the end of quarter two in 2009, Scots are struggling under unmanageable burdens of financial difficulty and debt and are making serious sacrifices in order to meet debt repayment demands from creditors.
What are the consequences of both the situations likely to occur as a consequence of a crisis in personal financial management and the unsustainable methods being utilised in order to meet debt payment obligations? David Brown examines these issues with the CAS statistics firmly in consideration.
The statistics published provide a startling insight into the financial difficulties that individuals in Scotland are experiencing with the most affected groups including youth and pensioner age groups, single parents and individuals classed as sick or disabled. These figures, when understood in the context of the recent news on the rising levels of debt owed through facilities of consumer credit, detail a worrying trend in the use of credit as unfeasible long-term financial strategies.
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if you were in debt, which company would you use for debt advice / iva?
you read alot about pay plan, debt free direct, debt 24 and others, just wonder if anyone has had experience with any and could give me advice on who to use. want to get debt problem sorted, quick and without more stress.
at the moment i am going through CCCS
http://www.cccs.co.uk/
they are really friendly and helpful; i felt so relieved after speaking to them, it took a lot of weight off my mind that i had support in my money problems, I would highly recommend them to anyone!
or give me a loan.
You then write these companies a letter making an offer of repayment. If the interest that they're currently charging is more than what you can afford to repay then you should ask them to freeze the interest (otherwise you've got no hope of clearing the debt).
DO NOT PAY MONEY TO DEBT MANAGEMENT COMPANIES. THE CITIZENS ADVICE BUREAU (CAB) OR THE CONSUMER CREDIT COUNSELLING SERVICE (CCCS) WILL DO THIS FOR FREE. Its no different to what debt management companies do, but debt manaagement companes will charge for doing it.
Its also worth noting that getting yourself involved in an IVA will affect your credit rating in the future and its one step from bankruptcy/debt collection agencies.
The CCCS and the CAB are as good as each other.
My friend is a debt adviser for them, and although I not in debt, she has given me so many tips with things. They are independent and will tell you what you need to do, book an appointment today!! Good luck
Debt advice aka debt management is where a company offers your creditors a certain monthly or weekly payment and TRIES to freeze or reduce the interest and charges. Bear in mind it's up to the creditor whether they do freeze the charges though. Some companies charge for this service - eg Gregory Pennington, Baines and Ernst, whereas others are free - Citizens Advice, Consumer Counselling Service, Paypal. I wouldn't recommend the CAB though - they have a reputation of offering ridiculous amounts to creditors (eg £1 each per month) and quite often the creditors will reject their offer of payment. You make your monthly payments until you've paid the debt off.
An IVA is a FORMAL agreement with the creditors - it's largely as above - offering an amount each month. However you must have debts amounting to at least £15K (excluding mortgages), and you need to be able to offer a decent amount. As long as 75% of the creditors agree, you can make a fixed monthly payment for only 5 years, and then you're debt free. So it's good for large debt which would take a long time to pay off (ie longer than 5 years). However if you breach this legal agreement the companies can apply for your bankruptcy, whereas with debt management they can't. Any company's as good as another for IVAs, as they're heavily regulated, but just compare the fees that the companies charge.
EDIT - as for your credit file, both IVAs and Debt management affect your rating. IVAs will show up as IVA, and debt management show up as you not making your full monthly payments.
simple
all the other answers here are for Americans, debts.co.uk is who I used, and they were simply fantastic
Need IVA debt help and advice?
Hi all, I am considering taking out an IVA as I have debts over 15k before I go ahead and do it, I wanted to know if there is anyone out there that has already got an IVA and what your thoughts and feelings are on it. For example do you wish you hadn't done it, or what benefits did you get from doing it?
Please no time wasters, I want honest answers.
Hi!
We took out an IVA nearly five years ago and now we only have 7 months to complete, Hurrah!
I notice you only have £15k debt. it probably seems alot to you but we were over £85k plus our mortgage in debt. Because you owe less than £25k I would advise you not to go the IVA way, but to take out a loan, preferably a bank loan. Beware of consolidation loans, as this is how our debts grew,
We kept taking out consolidation loans, paying off creditors i.e credit cards, but afterwards using them again and getting further and further into debt.
People say , well you should cut them up, but it becomes to easy to spend and it then becomes a sickness.
If you do go the IVA way, then this will seriously affect your credit rating and if in the near future you want a mortgage, you will find that , although you can get one it will be very costly.
Anyway to you people out there who do owe a considerable amount, if you are prepared to struggle for five years, but have no creditors breathing down your back, then I suggest that an IVA is a godsend.
i hope this has helped a little. Best of Luck.
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Await your respond
Me and my husband received bad debt advice. We owed a lot of money but are both working. We were paying our debts on time but just didnt have any spare money. We were told to go with an IVA. We did and it has just been a nightmare. I received quite a large bonus at work recently and had to give the whole lot up to the IVA. Also, I am due a pay rise at the end of this month which means the IVA payments will rise. Also, if you have a mortgage, they will stipulate that in year 3 or 4 of your IVA they have a right to MAKE you re mortgage your house to release the equity in it which they will then take.
We are in the process of re mortgaging to get rid of the IVA. We have only had it for 1 year but it has been the worst year of our lives.
I know people knock them but I think your best bet is debt consolidation and proper debt counsilling from an independant company. Your debts, in the grand scheme of things are not that big (they probably are to you but to me they are tiny!!)
Please do not go for an IVA, i can guarantee you will be on here telling everyone what a big mistake you made!!
How can I get out of debt without IVA or bankruptcy if no-one will lend the money to consolidate ?
I am a single working parent trying to stay afloat. I have been left with all my ex partners debt and can't get a loan to consolidate as I am over committed even though this would save me a fortune. I haven't missed any payments yet but am living on a pittance. Any advice please?? I work in a bank so IVA's and voluntary arrangements etc would result in losing my job.
It does depend where you live, but most local councils have a team within the Consumer Protection Departments which deal with personal debt problems, they will be able to advise you and help you get this sorted out. They will also be able to keep it confidential so that there is no need for your employer to find out.
Possibly the banks owe you money, not the other way around.
Hope this helps, I've been there, my husband had a breakdown days after my first was born, not easy but you can stay afloat, there's always a way round it, just talking to people and not burying your head in the sand sometimes works.
Most Banks are quite understanding about these things and will certainly prefer to deal with you in this way than face you going Bankrupt.
If you feel that you need help with this you may wish to speak to a company about the possibility of them negotiating a lower monthly repayment for you and handling the monthly repayments on your behalf. This kind of arrangement is a faster and easier process than an IVA and is called Debt Management. It can still affect your credit rating but will often be tolerated by employers like Banks and FSA compliant workplaces.
http://debt-line.org.uk
step 1. Save $1,000 as fast as you can this will be your baby emergency fund. Do not touch this money unless it is a TRUE emergency.
step 2: pay off your debt. Sit down and make a list of all your debt that you have going from the smallest balance to the highest. Beside each balance put your minimal payment for that account. For example if you have 3 credit cards and a car payment it would look like this
Visa $35 $1,000
Wal-mart $45 $1,200
Master Card $75 $3,000
Car Loan $275 $10,000
Now what you do is pay the minimum on all the accounts and put as much a possible on the first one on the list. For example if you can pay and extra 100 a month on the visa then you would make payment of $135 per month on it and would pay it off in 7-1/2 months. Once it is paid you will roll that payment onto the next one in line so now you would pay 180 on the next debt. Do that each time you pay one debt off and you will pay the next off even faster. Do this till you are out of debt. It might take a while but it does work. The key is you must get on a budget and know where your money goes to and cut back on stuff as much as possible all so a 2nd job would not hurt just until you get your debt paid off.
Saving when you're barely surviving
Monday August 28, 6:00 am ET
Don Taylor
Dear Dr. Don,
I am a husband and father of two young toddlers. My net pay is just enough to scrape by every two weeks. With health insurance premiums well over $400 per month, my net pay is only enough to cover the bills. Every time I set aside money, I end up having to use it all for some unforeseen expenditure, and then some with credit cards (whose balances continue to escalate). Where does one in my situation begin to save?
-- Underfunded Mike
Dear Mike,
Your question is one of the more difficult issues in personal finance. How do you work toward the future when you're having trouble getting through the week?
The key is to keep spending less than income. Easier said than done, but that doesn't mean it doesn't need to be done. Spiraling credit card balances aren't the answer. Credit cards just postpone the problem and have you spending money on finance charges that should be going toward meeting your family's needs.
Differentiate between what's necessary and what's nice in your monthly spending. Cutting out cell phones (or alternatively land lines), cable TV, dinners out, etc. brings down your monthly nut. Bankrate has a budget work sheet that you can download to put together a monthly spending plan. Talk to your employer's personnel department to see if there are ways of reducing the health-care costs while keeping family coverage. Taking advantage of flexible spending accounts to pay for medical costs with pretax dollars is one possible way of accomplishing this goal.
The other side of the equation is to increase income. Take a second job, or a third. Don't think of it as forever, just until you can get the credit card balances down and build a bit of a cash cushion. If your wife doesn't work, perhaps she should. Bankrate's "Should my spouse work, too?" calculator will help with that math.
The answers aren't easy, but you've got to ramp up income, throttle back on spending or both to get to the point where you move past paycheck-to-paycheck living and get to the point where your income is also building toward your family's future.
If you've worked through all this and still can't see a way, it's time to ask for help. Your state government might be able to help with health-care insurance for the children, for example. A Bankrate feature, "Finding help in hard times," has some other ideas, too.
To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "financing a home," "saving & investing" or "money."
---------------------------------
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IVA debt consolidation - Have you any advice?
I'm in deep financial trouble, and have recently been approached by a debt consolidation company.
It all looks too easy to write off £20k of debt, though I have owed far more previously when I had a business and an income.
Are they a good idea, or are they just another con & what are the downfalls?
Bear in mind I don't have a regular income anymore (though I appreciate I will have to get a job), and I lost my house due to a judge who decided my ex wife could keep it.
I am also very depressive, suicidal on occasion, and doubt very much I could hold down a job anymore.
Bancruptcy would crucify me.
Everything I have read about debt consolidation says don't do it!!! I'm actually in the middle of bankruptcy right now and have had to do classes online about how to dig yourself out, I don't regret doing bankruptcy, it will give me a fresh start, not a perfect way to go, but my only option right now. I don't know about laws in other countries though. Don't give up! Look up Dave Ramsey on the net...he has great advice!
SEEK PROFESSIONAL ADVICE,
TRY CITIZENS ADVICE BUREAU FREE...
has anybody heard of "debt consolidation plans" rather than an IVA. does anybody have any advice?
basically i'd like to know if anybody else has any experience re debt consolidation plans. whether there are any pro's or con's to having one?
thanks
just make sure you use a reputable company or an online FISA registered website so that they wont cheat you. You also can opt for debt management advice at http://www.shakespearefinance.co.uk/debt-management.html
I NEED DEBT ADVICE Please help me! I have debt totalling around ten thousand pounds.?
The debts include a £5000 (15.9%apr) loan (really 6700 once it is paid off) a £1500 overdraft with natwest(18%apr) house of fraser store card with £400 (29.3%apr) and a natwest creditcard with £400. I also have about £600 in little debts. I really don't know what to do I am a single mum on benefits although I have just got a job for a few evenings a week which will help but at the moment i'm living on a credit card and I don't know what to do I don't want to go down the iva or bankruptcy as that would cause more problems and I'm still young and don't want to ruin my credit score anymore than it is. I have tried to consolidate the debts but as I have a poor credit rating I can't get any decent deals and I don't want to borrow even more money than I already owe. Does anyone know of a REPUTABLE company that will give me a loan for a lower apr than the one I have already or anyother advice. I have spoken to debt counsellors but I don't class as owing enough for any real help.
I have about the same amount of debt as you and I am now with Consumer Credit Counseling Services. Basically I send them money every month and they distribute it to each of my credit cards. They were also able to lower all of my interest rates a lot. I will be debt free in about 4 years compared to probably 20 if I would have kept paying the minimum on my cards. The thing is you have to STOP using your cards to make any head way.
Ive got into debt again after taking out an iva with a debt consolidation company?
I need some advice despretley. About a year ago my husband and i had bad money troubles and had to go down the route of debt consolidation, on which we still pay every month. The trouble is, since then i have had a baby and suffered bad post natal depression where my husband has temperally gave up work to help me. although we did declare all debt at the time we did have some active clear credit cards on which unfortunatly we have now got into 7000 more debt with and cant afford the minimum payments anymore. Has anyone got any advice of what we should do?
do we contact the existing debt consolidation company and explain? please help.....
Hi Claire
I am sorry to hear that you are sick and have financial problems again. Don't let others on here judge you I am sure that you would prefer not to be where you are right now.
The advice I am giving relates to UK debt only.
This is not the right place to be discussing your debt problem as indicated by the first answer you got. You need to speak to a specialist adviser like your second answer indicated and there are many out there to choose from.
Choosing the right company is crucial. The CCCS as mentioned in answer 2 are reputable and make no upfront charges, they are, however very busy and getting an appointment with them may be difficult in the near future. If you try them and they cannot speak to you quickly I can recommend myIVA-Adviser.com at this link
http://www.myiva-adviser.com
as an alternative company. They will look at your situation in the whole and make a recommendation based on all the facts.
You mention that you are in an IVA and you have run up extra debt. If this is true then you have a real problem in that you have signed a binding agreement not to use credit for 5 years. By breaking this agreement your creditors will now have the opportunity to make you bankrupt if they choose.
You also mention a debt consolidation programme which is NOT an IVA. If you are in a debt consolidation programme and not an IVA, but you have taken out extra credit things are not as bad although you should not have done it you are not legally bound in a debt consolidation programme in the same way as you are in an IVA.
I indicated that this is not the right forum to discuss your situation due to lack of information available and the way that this information could affect the advice you are given.
I strongly urge you to contact a professional adviser and listen to what your options are.
Follow these links to an articles written about choosing the right adviser or company for you
http://www.myiva-adviser.com/blog/2006/10/iva_advisers_how_to_find_the_best_iva_consultant.php
http://www.myiva-adviser.com/blog/2006/10/iva_how_do_i_find_the_best_iva_company_for_me.php
If you are in an IVA you need to think all your options through before you approach your insolvency practitioner so contact myIVA-Adviser.com on 0800 088 7503 for advice or read the articles posted on their blog at
http://www.myiva-adviser.com/blog/all-articles.php.
Act now because there is a solution available no matter how bad things have become. I hope you start to feel better soon
Good Luck
Yoda
Need some serious debt advice.?
Hi there I am wondering if anyone can help. Me and my husband have got our selves into a pickle with debt. which consists of Loans, Credit cards ect. We can not afford to pay and live at the same time. We need help. But are not prepared to go with an IVA. My partner is a police officer and shold not be in debt with his job he signed something at work to state that he wouldn't.We can't consolidate evrything cos there is too much. I heard of something that consolidates your debts and you pay no interest to them. IT IS NOT AN IVA. can any one help of know what its called and who to ring of look at??? thanks serious answers please Im stressed enough without ppl having a go thank you.
UK only - Has anyone used IVA to get out of debt?
If you have was it worth it? Did you save loads of money each month? Any good advice would be appreciated.
No and I never would! I used to work for a company that does IVA's, they basically charge you a small fortune for dealing with your criditors, which is something you can do for yourself. I advise you to write to all of them and explain your situation and make them an offer of smaller monthly payments. Good luck
Debt advice please?
I took out a loan with beneficial finance about 5-6 years ago. I bought a car that got written off by an insured driver so had nothing to show for it! I had a couple of credit cards with barclaycard and capital one. unfortnatley, I went through a silly phase for 4 years, caned the cards and havent made any repayments for abour 4 years on the loan or c/c's. I need to sort this out now I have grown up and realised what i have done. I have got a credit agreement with welcome for my car which i have had for a year with no problems. The loan and c/c amount to approx £6k. I owe approx £9k on the car but not that worried as I have been paying this regular since agreement started. What is the best way to consolidate all the payments into one? Pref incl the car payment. I don't want to go down an iva or bankrupt route as i now have a good job earning a half decent wage. I want to be able to get credit/mortgage in a couple of years so important to me to sort it all out.
i no longer have the cards, the only thing i am spending on is the payments back to to car people!
Definately contact Citizens Advice (CAB) and get proper debt councelling. Often consolidation is not the best route. All consolidation does is take out another loan, which may have lower monthly payments but often is paid over a longer period with higher interested and in the end you pay much much more. CAB will be able to help you contact each of the creditors you owe money to and make an "arrangement to pay", often they can negotiate a lower interest rate perhaps even negotiate to lower the amount to pay back. Carry on paying the car loan with Welcome and do not miss a payment, this "good" credit history will go some way to restoring your credit rating. Don't get caught up with so called "debt management" companies who want you to take out one of their loans to pay off your outstanding ones, this is a much longer and very much more expensive route in the end. These guys are rip off agents, good debt advice is free and offers no ties to particular finance companies. Check out your local reference section in the library for other charities and help groups who offer debt advice....
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Good forward planning essential for repaying debts - Express Press Release (press release) Good forward planning essential for repaying debts An IVA involves working with an Insolvency Practitioner to draw up a proposal for lower debt repayments based on an amount that the borrower can afford. |
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UK Insolvency Helpline
National telephone helpline based in the U.K. for people with debt problems in England, Scotland, and Wales. The service is free, confidential, and independent.
