Category Archives: Debt Facts

  • Is it Legal for Debt Collectors to Call Family Members?

    Written by Sam Critten

    Creditors will use an array of different tactics to try and recover money if you owe a debt to them. Repeated phone calls, automated emails, endless letters reminding you of the consequences of not paying…the list goes on. If these don’t work, then another tactic they might use to get…

  • Does a DMP Affect Your Mortgage?

    Written by Sam Critten

    A Debt Management Plan (DMP) is a debt solution that doesn’t include secured debts, which are debts secured against property that you own. This includes things like cars (auto loans) and property, meaning that if you’ve got a mortgage your DMP won’t include your mortgage repayments. I’ve already got a…

  • Can I Get a Mortgage With a Trust Deed?

    Written by Will Lyon

    A Trust Deed is an arrangement between you and your creditors to pay off your unsecured debt. Trust Deeds are sometimes referred to as a ‘Scottish IVA’ (IVA meaning Individual Voluntary Arrangement) as they’re not available in other parts of the UK. There are stark differences between them however. For…

  • How do debt management companies work?

    Written by Sam Critten

    When you’re in debt, it can seem like the whole world is against you. Letters from your creditors asking for money, constant phone calls asking when you’re going to pay off your debt, emails every day asking when you’re going to make up for your missed monthly payments…not many people…

  • How often can someone file for bankruptcy?

    Written by Will Lyon

    Bankruptcy is a solution people turn to when looking to discharge their debts. It usually lasts for a year, depending on the specifics of the case. Bankruptcy laws dictate that an individual can file an infinite amount of times. Having said this, the more someone goes through the bankruptcy procedure,…

  • Can I claim PPI if on a Debt Management Plan?

    Written by Will Lyon

    Are you in a Debt Management Plan? Do you feel as though at some point you’ve been missold Payment Protection Insurance (PPI)? The good news is that yes – you can reclaim PPI on a DMP. Regardless of what claims management companies may advertise, you don’t need one to make…

  • Can I change from a DMP to an IVA?

    Written by Will Lyon

    A Debt Management Plan (DMP for short) is an agreement between you and your creditors to repay your unsecured debt in manageable monthly instalments. Because a DMP is an informal arrangement, you are not lawfully obliged to remain within it until its completion. As such, you can choose to leave…

  • What is a warrant of control?

    Written by Sam Critten

    If a creditor successfully has a County Court Judgment (CCJ) awarded against you and you don’t pay it, then a creditor may apply to court for a Warrant of Control. Put simply, this is a legal document that allows bailiffs (also known as enforcement agents) to try to take control…

  • Dealing with official receiver after bankruptcy

    Written by Tom James

    Being declared bankrupt can be a daunting experience. If you know how to work with the Official Receiver however, you may find the experience a lot easier. Find out more about what the Official Receiver does and how you should deal with them. What does the Official Receiver do? The…

  • Can creditors refuse a Debt Management Plan?

    Written by Tom James

    You may be in debt and have found that a Debt Management Plan (DMP) is a suitable way of repaying the money you owe to creditors in smaller installments. However, can creditors turn you away if you’re looking to apply for this type of debt solution? What is a Debt…

  • Can you file bankruptcy yourself?

    Written by Tom James

    Bankruptcy is a debt solution that should never be taken lightly, and should only be undertaken following professional advice. However, sometimes it can be taken out of your control. We’re here to tell you what it is and how you can go about being declared bankrupt. What is bankruptcy? Bankruptcy…

  • What is debt management?

    Written by Will Lyon

    Debt management is any plan put in place to help somebody in debt repay the money they owe to their creditors. Consequences of missing certain payments can be more severe than others. In some cases, you could be made bankrupt or even lose your home. This is why when debts…

  • Paying off credit card debt

    Written by Will Lyon

    The number of people stuck with credit card debt is rising. A recent study found that each UK household has around £2,688 in unpaid credit card debt. There may be a number of causes behind the UK’s credit card crisis. Could it be that credit cards allow you to spend…

  • How long does it take to improve credit score?

    Written by Tom James

    Having a low credit score affects your ability to take out credit. You can always improve your credit score, but you’ll need to take some steps to achieve this. What is a credit score? A credit score is a numerical rating given to an individual based on their financial lending…

  • How to deal with Moorcroft Debt Recovery

    Written by Will Lyon

    Who are Moorcroft Debt Recovery and why have they contacted me? Moorcroft Debt Recovery Limited are a debt collection agency that buys debt, in bulk, from finance companies. They then try to collect these debts from businesses or individuals, and use a variety of tactics to do so. As one…

  • Can debt collection agencies take you to court?

    Written by Will Lyon

    Debt collection agencies work on behalf of creditors to collect a debt you’ve been unable to pay. As part of their attempts to make you pay, they may threaten court action. They have the power to do this, although only after following a certain procedure, so it’s important to understand…

  • How long does bankruptcy last?

    Written by Tom James

    If you have been forced into bankruptcy or have decided/been advised it is the best course of action for you, it’s important to know the ins and outs of what to expect. What is bankruptcy? Bankruptcy is a debt solution available to someone whose total debts are larger than the…

  • Can you find out if someone has filed bankruptcy?

    Written by Tom James

    Bankruptcy can have a huge impact on an individual and it’s understandable that someone may not wish to advertise their financial situation to the world. However, once somebody is declared bankrupt, their details are legally required to be available for the public to see. What is bankruptcy? Bankruptcy is a…

  • Can I cancel my IVA at any time?

    Written by Tom James

    If you are currently in an IVA, you will have been (and possibly still are) in financial difficulty and have sought a debt solution to help relieve your worries. Therefore, you should think carefully before seeking to cancel your arrangement. What is an IVA? An Individual Voluntary Arrangement (IVA) is…

  • An Expert Opinion… Debt Relief Order with Diane Watson

    Written by Will Lyon

    Hi Diane, can you briefly explain what it is you and the DRO team do here at PayPlan? My role is the Competent Authority Liaison, which means I’m the link between PayPlan and the Insolvency Service. I am also an Approved Intermediary. Our experienced Debt Advisers will speak to clients…