Court Action – County Court Judgements

On Tuesday I blogged about Default Notices, todays blog will follow on from that to go through the different types of court action your creditors could then take if you do not acknowledge the notice.Under the Consumer Credit Act 2006, before a creditor can pursue any kind of legal action they must issue you a default notice. Once the default notice has been issued the creditor can then seek further legal action against you.The first thing they would look to do is issue you with a County Court Judgement or CCJ. A CCJ is where the creditor or claimant attempts to reclaim the money that is owed to them by going through the County Courts. The first stage of the process is a County Court Claim form or a N1, once you receive this you must act very...

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Posted in: Action,County,Court,Judgements

Holiday on a Budget

If you are in debt holidays may be something you can only dream of. It’s not surprising, as research by insurers Churchill reveals that the average family of four will spend £4,792 on a two week break!But this isn’t to say that you cannot take a holiday because you are in debt, it just means that you have to budget. So here are a few tips on how you could budget this holiday season:If you have children going at the end of summer is generally cheaper. If you don’t have children it is definitely cheaper to go during term time.Always go self-catering, whether you are going abroad of staying in the UK, it will be cheaper to book a hotel room and eat out or buy your own food.Set yourself a spend limit for each day and stick to it! Remember to factor...

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Posted in: budget,holiday

Bankruptcy

Hello and welcome to my latest blog. For today’s instalment I am going to be talking about bankruptcy. I want to continue on with the journey of making everyone savvy with all issues relating to debt and getting out of it.Bankruptcy is usually thought of as the last resort in solving financial problems. From my past experience, whenever the word is mentioned people get instantly scared and go into a bit of a panic.In the past Bankruptcy has always carried a stigma with it, it has always been thought of as a big no no, or not something that should be done easily. However over recent years, with more and more people experiencing problems with debt, it has become more acceptable for someone to become bankrupt.In a nutshell you would either register...

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Posted in: Bankruptcy

Debt Relief Orders

When people think of ways to resolve their debt problems there are a few options that always come to mind: Debt Management Plan, Individual Voluntary Arrangement or Bankruptcy. However there is another possible solution available, a Debt Relief Order.A Debt Relief Order (or DRO) is sometimes referred to as BankruptcyLite. It is very similar to bankruptcy except it doesn’t hold as much stigma and it costs a lot less to do. A Debt Relief Order can only be authorized by a qualified intermediary, Payplan are one of few that can do this.To answer that simply, no.  In order to qualify for a Debt Relief Order you must owe less than £15,000, you must have assets worth less than £300 and you must have a monthly surplus less than £50.You cannot...

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Posted in: Orders,Relief

What Is A Debt Management Plan?

Good afternoon bloggers. Now you know who I am, I want to share with you what I do and all that I know. I want to start with the basics so today I will be sharing with you what a Debt Management Plan is.A Debt Management Plan or DMP, as you may know it, is an informal agreement between you and all of your unsecured creditors, you can think of it as kind of a gentlemans agreement. The agreement will last until all of the money that you owe has been repaid to your creditors. A DMP isn’t legally binding therefore your creditors can still apply interest and charges and they can also pursue legal action against you. The way a DMP works is that you will tell them what you earn, what you spend and what is left over at the end of the month, you will...

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Posted in: Management

Debt Consolidation Launch

We are pleased to announce the arrival of our brand new website http://www.debtconsolidation.org.uk/. The site provides all of the help and information that you should need.Follow the link and have a look around the site, and please send me your feedback and tell me what you think.If you are struggling with debts then please call Payplan on 0800 2802816.Don’t forget you can also follow me on Facebook and Twitter.Written by davemac on February 11th, 2011 Filed Under  Debt News   |  Trackback  |   1 Comment daniel says If you are really struggling with debt and do not want to go bankrupt debt consolidation is another way out. there are some new government schemes out to help you with debt too so you...

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Posted in: Consolidation,Launch

Low base rate may not help homeowners struggling to pay mortgage increases says Payplan.

Payplan, a leading provider of free debt advice, has today welcomed the Bank of England’s decision to leave the base rate at 0.5% – but say it may not help homeowners already struggling to pay mortgage increases.Jason Eaves, a Director at Payplan, said:“Whilst the base rate has remained unchanged we have already seen a number of mortgage lenders increase their SVR (standard variable rate), and the Euro crisis could push the cost of mortgage borrowing even higher.“Many households have faced a sustained squeezing of their incomes in the last few years while prices have continued to rise. Now an increase in their mortgage payment could be the straw that breaks the camel’s back.”The group who will feel the economic pinch the most are the 800,000 mortgage customers who have struggled to meet their...

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Posted in: homeowners,increases,mortgage,Payplan,struggling