If you are struggling with debt, Breathing Space is a free scheme, backed by the UK government to help ease the stress caused by being in debt. There are two types of Breathing Space Schemes, which include the standard Breathing Space Scheme and the Mental Health Crisis Breathing Space Scheme. In this section, you will find details on the standard breathing space scheme. For more details on the mental health crisis breathing space scheme, please refer to our section on Mental Health Crisis Breathing Space. Charlie Walsh Last updated on 22 November 2023 Fact Checked Table of Contents 1. What…
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When businesses face the challenges of poor cash flow and owe unpayable debts to creditors, the directors may choose to pursue a Creditors Voluntary Liquidation (CVL). Compulsory Liquidation is when a company is forced to liquidate by a court. The company’s shareholders instead agree upon a CVL as the best course of action to dissolve the company. Shareholders would need to cast a vote to agree to the CVL. After this, the business will stop trading and sell off its assets. In this guide, we talk about Creditors’ Voluntary Liquidation, what it means to enter a CVL and the help…
An Individual Voluntary Arrangement (IVA) is a good solution for people struggling with debt and who need an affordable monthly payment plan to get them out of debt. However, as an IVA is a legally binding contract, it is essential to consider when signing up for one that you adhere to the strict rules attached to the agreement. Your IVA will require you to be disciplined with your spending as your monthly payment plan relies heavily on your budget. But how far can you push your spending whilst you are in an IVA? Are there limits on what you can…
You may have received a letter telling you that the bailiffs have been instructed to your property. When you are already worried about money issues, the thought of the bailiffs visiting your home does sound scary. However, did you know that you have rights as well as the bailiffs when it comes to collecting a debt? Make sure you read this guide as we provide you with the information you need to help you deal with bailiffs knocking at your door. Find out how to get out of debt. Charlie Walsh Last updated on 22 November 2023 Fact Checked Table…
Death is not a subject we want to hear or talk about, but when it happens, the financial aspect like inherited debt is just as challenging to deal with as the emotional one. So, what happens when a deceased person has debts? Who inherits the debts? The list of questions can often be overwhelming and endless. To get you started, take a look at our top 20 frequently asked questions to find all the answers you need to help you deal with death and debts. 1. Can I inherit debt? When a loved one passes away, you may be worried…
Your credit score is often known as your financial health check. It is important to keep your credit score at a level that lenders find suitable to lend to you. However, when you start missing important payments on personal loans, credit cards and even your mortgage, your credit score is impacted negatively. This means that getting credit out in your name becomes more difficult. Are you currently in debt? Or are you simply looking at ways to continue to keep your credit score in a healthy position? Whatever your reason. Read on as we explain everything you need to know…
Navigating through the financial landscape can be daunting, especially when faced with terms like credit score, which plays a pivotal role in our financial well-being. A credit score is more than just a number; it’s a reflection of our financial habits and behaviours, acting as a key that can unlock a myriad of financial opportunities, especially for those residing in the UK. Understanding the concept and significance of a credit score is crucial, particularly for individuals who are experiencing financial distress and are actively seeking solutions to manage or reduce their debt. It’s a beacon of light for those who…
Missing payments on your debt or debts can have serious consequences. If you can’t or refuse to pay your debts, then expect letters through the post, calls from the debt collectors or even a visit from the bailiffs for debt collection. It’s an unpleasant scenario to be in? So, if you are in debt and need help, what happens when you miss your payments? What will your creditors do to get their money back? Is there support and assistance available if you are in this position? Read on to find out more. Should I be worried if I miss a…
If you are struggling with debt, then it is important to spot the signs you need help with your debt. If you don’t then creditors can take action against you to get back the money you owe them. One of the ways they will try and recover money from you is by applying for a County Court Judgement (CCJ). A CCJ shouldn’t come as a surprise, as quite often you will have already been sent reminder arrears letters in the post. However, what do you do if you get a CCJ? It is important not to ignore it. Instead, read…
Benefits are offered to people who find themselves in a difficult financial situation, such as unemployment, disability or they need to care for someone. Claiming benefits are usually people who have no or are on very low income and getting that extra financial support from the government is seen as a lifeline. As benefits are ‘means tested’, the amount you are entitled to is based on whether you meet the criteria. If you don’t and have no other regular income, then this could have an impact on your finances and get you into debt. If you are claiming benefits and…