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Debt Facts 10 Dec 2019

Can You Get a Mortgage With an Outstanding Debt?

In a word, yes. Regardless of the myth that arrears of any kind will ruin your chances, you may still be able to get a mortgage whilst having an outstanding debt. When applying for a mortgage, you’ll need to come…

Debt Facts 2 Dec 2019

Can you Get Legal Aid for a Divorce?

What is legal aid?Legal aid is money used to help support the costs required for legal advice and representation in court. This includes tribunals and family mediation. Whether you are eligible for legal aid is dependent on your individual case…

Debt Facts 2 Dec 2019

Do you Pay Tax on Redundancy Pay?

Redundancy can be a difficult time, especially if you loved your job and it was bringing in a suitable income for your lifestyle. Find out how redundancy can affect you when it comes to tax and other factors. What is redundancy…

Debt Facts 25 Nov 2019

How Much Debt do I Need to File Bankruptcy?

What is bankruptcy?Bankruptcy is a debt solution suitable for people who cannot pay outstanding bills to their creditors on time. When an individual’s total debts are bigger than the value of their assets, they will be deemed insolvent and in a…

Debt Facts 16 Oct 2019

What’s the Difference Between APR and AER?

It’s easy to feel overwhelmed by the amount of technical terms in the money world, ‘APR’ and ‘AER’ for example. The two get tossed around a lot together, so it’s important to know which is which. What is APR? APR…

Debt Facts 14 Oct 2019

What is representative APR?

Whenever you apply for a loan or finance, you’ll come across the term APR, which stands for Annual Percentage Rate. If you borrow any money, the APR is simply the amount of interest that’ll be added to the total amount…

Debt Facts 5 Aug 2019

Can An IVA Take My Pension?

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…

Debt Facts 24 Jul 2019

Can a Debt Management Plan Take My Pension?

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…

Debt Facts 22 Jul 2019

How Effective Are Debt Management Plans?

 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…

Debt Facts 22 Jul 2019

Will An IVA Affect My Citizenship?

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…

Debt Facts 1 Jul 2019

How successful are IVAs?

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…

Debt Facts 1 Jul 2019

How are IVA payments worked out?

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…

Debt Facts 29 May 2019

Does a DMP Affect Your Mortgage?

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…

Debt Facts 29 May 2019

Can I Get a Mortgage With a Trust Deed?

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…

Debt Facts 28 May 2019

How do debt management companies work?

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…

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