Today in UK Debt: 25/03/2022

2022 calendar

Will The Government Address Inflation and The High Cost of Living? The quick answer is yes! The Chancellor of the Exchequer, Rishi Sunak, has announced in the Spring Statement he may not “scrap” the National Insurance increase that was planned, but will cut fuel duty by .5p. So if you don’t drive, no real savings. […]

Is Bankruptcy The End Of The Credit Line?

end of a rail line

One of the first things someone thinks of when they are in major debt and need to get out of debt as they can no longer afford to repay those debts is Bankruptcy. However, there are other options as well, such as an IVA/Individual Voluntary Arrangement, or possible a DRO/Debt Relief Order. In fact, depending […]

Should I Go Bankrupt or Do An IVA?

insolvent

We can throw a third option in this mix as well which is a Debt Relief Order or DRO. All three (3) are forms of insolvency, and as such involve third parties, such as the courts, or Insolvency Practitioners. When faced with insolvency, you may ask yourself which is the better option, Bankruptcy, an IVA, […]

The Price You Pay For Being In Debt

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What is the price you pay for being in debt? It is not your immortal Soul…..but there is a price. So what is the price or prices you pay for being in debt? I will only address two (2) here, but there are more. Interest and Charges For many people who are in debt and […]

I Need To Avoid Bankruptcy

bankrupt

Question Jon I am a serious situation and need some advice. My business has been down in part due to the pandemic and lock downs, but it also slowed prior to this. I am at the point I am not trading at all. I have a lot of debt, near £50,000, much of it was […]

Can My American Debts Be Collected In England?

USA and UK flags on a shelf

Question Jon, I am a British citizen living in America and have lived here for 10 years. In that time I have accumulated a bit of debt, close to $20,000 USD. I am thinking of moving back to England as I am getting older and want a slower pace of life. I cannot pay off […]

Changes in Debt Relief Orders Have Come Into Effect

debtor

There are many ways to get out of debt, and one of these is a Debt Relief Order or DRO. DRO’s were created as a new form of insolvency in April 2009, and were originally for those people who had debts, no surplus income after allowed expenses, and no assets, as a way to get […]

I Am In a Token Payment Plan And Getting Nowhere. What Can I Do?

GBP

Question Jon your advice to people is greatly appreciated, and I need some of it. I was made redundant a few years back, and entered into a debt management plan at that time. I have only found part-time work here and there over the past few years. When the pandemic hit I went to a […]

My Business Has Gone Bust And I Don’t Know What To Do.

Sorry Closed sign

Question I need help! My business has gone bust and I signed as guarantor for all the loans, and also had loans in just my name. My company did kitchens and bathrooms, and while I had some work, much of th work dried up. So now I owe the company’s debt and my own debts, […]

Can I Qualify For a Debt Relief Order?

erasing debt

In as much as things change, they stay the same. Insolvency is insolvency, and some of the outcomes from insolvency can be going bankrupt, or entering into an IVA/Individual Voluntary Arrangement. In April 2009, a new form of insolvency was created and it was termed a Debt Relief Order or DRO. One of the reasons […]