How To Rank Your Debt Payments

People have to live so in assessing which bills to pay first, one must consider the essentials of life – food and shelter. Making sure you pay your priority debts comes before all your other debt payments and is regardless of whether you are getting pressure from your creditors. Your priority debts are paying for somewhere to live, food and drink, clothing and heat & light, your main necessities. Priority debts may also include your mortgage. So then you must aim to pay these bills first – the mortgage / rent, utility bills including heat, light and water, and of course food, drink and clothing. Even in a situation where there is insufficient income or money to pay all of the bills, these essentials of life must command the most attention from us or day to day living will become impossible. Continue reading

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Is Debt Management A Safe Debt Solution?

If you are struggling with your debt and are having problems repaying your debts one of the debt solutions out there is known as a Debt Management Plan. This is one of the three most popular debt solutions in the UK, the other two being Individual Voluntary Arrangements (IVAs) and Bankruptcies. There are around one million people in the UK currently in debt management plans. Continue reading

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Repaying Your Creditors

You will probably understand creditor harassment if you cant afford to your debts when they are due or you have fallen behind in debt repayments. They will start with sending you reminder and overdue letters. If you cant make the repayments then they will start sending you emails, texts, phone calls and even visits to your home. Sometimes the creditors will contract out the more nasty parts of the hounding to debt collection agencies. Continue reading

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What Insolvency Practitioner Should I Choose?

Consumers who are looking to find out about IVAs or other solutions for their debt problems are sometimes scared or concerned about enquiring about financial advice. Alot of people may feel ignorant in terms of their understanding of financial matters and be reluctant to talk about their financial problems to strangers, even though they may be professionals. Continue reading

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Penalties for Debt

Capital punishment for even the most heinous crimes has been abolished in most western democracies with some significant exceptions such as the USA. In regard to debt however, the USA has a most benign set of laws dealing with insolvency both personal and corporate. Contrasting significantly in both of these matters is the Republic of Ireland. The death penalty has been long abolished in Ireland but the personal insolvency regime there has been described by many august authorities as unpractical, unused, excessively costly and overly penal. Continue reading

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An IVA can Help you to Keep your Property

An Individual Voluntary Arrangement (IVA) is a formal agreement between an insolvent debtor and his or her unsecured. The terms of the IVA provide for the debtor to repay a portion of his or her unsecured debt over a limited period of time. Most IVAs are for a period of five years, but it can be for a shorter or indeed a longer period. Continue reading

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Northern Ireland Top Region For Bankruptcy

It seems that Northern Ireland is leading the way compared to other regions of the UK in terms of the amount of personal debt problems encountered by its citizens, according to a report issued by a national debt charity, the Consumer Credit Counselling Service (also known as the CCCS). Continue reading

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Increasing Number of Irish Citizens Insolvent

Just five short years ago Ireland was awash with the ‘nouveau riche’ of the Celtic Tiger. Brash young Irish men and women and many not so young Irish citizens were basking in the realization that their time had come. Now they could enjoy the good times as a result of their labours which yielded vast wealth through their exploitation of market opportunity and the encouragement of an enlightened government. The heavy hand of their colonial masters had long departed and with all the goodies which the European Union had directed Ireland’s way, how could the natural enterprise and ingenuity of the Irish race fail to succeed? Continue reading

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Ireland’s Proposals for a Personal Debt Settlement Scheme

The Law Reform Commission (also known as LRC) in Ireland set up an expert group to make recommendations for reform of Irish law relating to personal debt. It has reported back strongly recommending setting up a Debt Settlement System which would be characterised by the following general approach and considerations: Continue reading

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The Contrast Between the UK and Ireland in dealing with Personal Debt Problems

The contrast between the UK and Ireland in dealing with personal debt problems is quite remarkable. The most startling contrast is perhaps the difference in the bankruptcy legislation.
In the UK most bankruptcies are discharged within 1 year leaving the debtor debt free and in a position to begin repairing their credit worthiness. In Ireland the bankruptcy process can entrap individuals in debt for up to 12 years. For that reason many Irish people are traveling to Britain to try to petition for bankruptcy in what is considered an enlightened and progressive legislative regime. Continue reading

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