Category Archives: Debt Facts

  • Can An IVA Take My Pension?

    Written by Will Lyon

    If you’re currently in an IVA and are over 55, you may be able to use your pension to pay off your debts. It’s unlikely that your pension will be explicitly taken and put into your IVA, but it’s worth getting in touch with your IVA Company to double-check and…

  • Can a Debt Management Plan Take My Pension?

    Written by Will Lyon

    What is a DMP? A Debt Management Plan (DMP for short), is a way for you to pay back your unsecured debt in manageable instalments. DMPs are one of the most common debt solutions in the UK, and are authorised and regulated by the Financial Conduct Authority. Should I be…

  • How Effective Are Debt Management Plans?

    Written by Will Lyon

     What is a DMP? How effective are Debt Management Plans? A Debt Management Plan (DMP for short), is a way for you to pay back your unsecured personal debt.  Usually set up and managed by a debt management company or a debt charity, they are authorised and regulated by the…

  • Will An IVA Affect My Citizenship?

    Written by Will Lyon

    Why would an IVA affect my citizenship? When applying for British citizenship, why would an IVA affect my citizenship? Well, upon applying, the government will assess whether or not you have ‘good character’. This is their measure of deciding if or not you’d be a beneficial and law-abiding citizen. Within…

  • What is a CCJ?

    Written by Sam Critten

    A County Court Judgement (CCJ) is a court order that can be awarded against you if you live in England, Wales or Northern Ireland. The purpose of a CCJ is to get you to repay money that you owe. Will a CCJ affect my credit rating? Unfortunately, a CCJ will…

  • How successful are IVAs?

    Written by Sam Critten

    What is an IVA? An IVA (Individual Voluntary Arrangement) is a debt solution whereby you pay back your unsecured debts to your creditors in monthly repayments usually over a 5 to 6 year period. If your IVA successfully completes, the debts included in your IVA will be written off and…

  • How are IVA payments worked out?

    Written by Sam Critten

    What is an IVA? An IVA is usually a 5 to 6-year debt solution designed to help you write off the majority of your unsecured debts through regular monthly repayments. You will work with a debt advice provider (such as PayPlan) to go over your finances and they will talk…

  • 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 claim 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 paying off 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…