How can I get myself out of debt?

How can I get myself out of debt?

Sometimes you can start accumulating debts and find yourself having difficulties paying them off. Below are a few tips that could have you overcome your debt problem. Being aware of your debts The first thing to ensure is to consciously acknowledge your debts. Many people try to avoid the issue of debt because of the stress it can cause; however, ignoring debt doesn’t mean it will go away.  Doing some research on how to overcome…

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What are Debt Relief Orders?

What are Debt Relief Orders?

What is a debt relief order? A Debt Relief Order (DRO) is a way of handling your debts if you owe less than £15,000, have little in the way of spare income and don’t own your property. If you’re successful in your application for a DRO, your creditors won’t be able to recover their money without the court’s consent and you’re ‘discharged’ (relieved) of your debt after 12 months. What are your responsibilities under a…

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What creditors are allowed to do to get their money back

What creditors are allowed to do to get their money back

If debtors are unable to reach an agreement with their creditor to pay back the money they owe at an affordable rate, the creditor’s main legal option to get their money is through a ‘money-only’ claim in the County Court. Before taking a debtor to court, the creditor should send them a warning letter, informing them that, unless they pay the money back, they will commence legal action within a certain period of time. If…

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What legal protection do I have if I am in debt?

What legal protection do I have if I am in debt?

Other legal protection if you are in debt There are a number of schemes that are in place that are designed to protect you if you enter into a credit deal. These laws and regulations are there to ensure the deals are fair and those from whom you are borrowing behave reasonably during the debt collection process. What if the contract terms are unfair? Any credit deal you intend to sign should have all the…

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Where can I get advice and support on debt?

Where can I get advice and support on debt?

If you’re having difficulties settling your debts, it can be tough knowing where to turn for help and advice. However, you don’t have to use a commercial (fee-charging) debt management company. This guide is not exhaustive as there are many free, independent, confidential help and advice services across the UK. Debt help and advice is available online, over the telephone and face-to-face. National Debtline  (www.mymoneysteps.org) National Debtline offers you free online debt advice through its…

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