A default notice is a formal letter issued on be half of a creditor to a borrower. A default notice declares that predetermined payments have not been paid and are now in arrears.
Unsecured debt is the only type of debt admissible in an Individual Voluntary Arrangement (IVA). So if you are considering an Individual Voluntary Arrangement (IVA) knowing what type of debt you have is important.
If you don't qualify for an Individual Voluntary Arrangement (IVA) or a Debt Management Plan it may be that you do qualify for a Debt Relief Order.
The Insolvency Service, the government department charged over-seeing the law and regulations in the insolvency industry, has issued a consultation paper aimed at finding an alternative to bankruptcy for debtors who can't afford an Individual Voluntary Arrangement (IVA) or a Debt Management Plan.
Many thousands of people across the U.K. are struggling with serious personal debt problems, and to some it may feel like they are carrying the weight of the world on their shoulders.
But there are some very effective debt solutions available, which are able to solve the debt problem and help remove the worries.
If you are searching for information on a debt problem, chances are you'll see some debt advice companies using the term 'best advice'.
But how can you make sure the debt advice you are receiving is the 'best advice' for your personal situation, instead of the 'best advice' needed for the company concerned to make a large profit out of you ?
There is nothing quite like having a call from a creditor. Especially when they are looking for a payment.
Just the thought of a creditor calling can be enough for some people to avoid answering their telephone, especially when they don't have the means to pay the creditor anything until next month.
Many people who enter into Individual Voluntary Arrangements (IVAs) will at first find it difficult to cope with the idea of not having the 'comfort' of being able to use credit on the occasions when their money runs out at the end of the month.