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Know more about IVA

If you have been missing out lately on your credit payments, then beware, because missing these payments could land you into serious trouble. Each time you miss your payments, it reflects badly on your credit score. Finally, if you have reached a point where your monthly credit is more than your earnings, it might be time to get an IVA done.

How does getting an IVA help?

IVA or Individual Voluntary Agreement helps you when you are stuck in these kinds of debt situations. You can find out more about these types of solutions by talking to the companies that offer these services. They also provide debt advisers sometimes and assign you financial assistance if you need one. Nowadays there are websites where you can look up for the services of the people who can provide you debt assistance. For example, logbookcalculator.com is a good IVA debt help website where you can even calculate the amounts which you will need to pay out beforehand for a certain period of time to clear out your debt.

IVA, when there is nothing else

Yes, all that being said, if you are unable to find any other option, then IVA should be your last resort, because once you get IVA done it is going to show up in your credit rating. So you will become less likely to get accepted for unsecured credit in future. That being said, if you are looking to get rid of the debt, the last thing you will need is to get into more debt. As soon as you make the decision to take the help of IVA, you can relax, knowing that now your debt will be paid off without fail and any hassles. The best part is that – that debt amount will be within your budget. You can even keep your house and some vehicle as assets.

The IVA Process

The process is pretty simple – each month you have to shell out the amount which is decided upon. This amount will have to be given to the company. It will contain their compensation as well as the amount which has to be paid to your creditors. These payments are absolutely flexible and they are not decided upon without your consent. Only after assuming how much you will be able to pay and how much you are currently earning, are these decisions taken.

The IVA process usually lasts for about five years. During this period, you will have to make that payment which you had agreed upon. Of course, situations might change within these years, but that’s the best thing about an IVA – they are really flexible. Anytime you face any lifestyle changes, or are unable to pay the current amount, you can talk to the firm, and they will help you manage the debt and it will be taken care of.

At the end of 5 years, provided you have paid off the agreed upon debt amount, you will once again be a debt-free individual. Any amount that is outstanding will be written off, and the creditors will not be able to charge you further with any payment requests or be able to take any action against you. They will actually not be able to contact you either. So, you become debt-free within 5 or 6 years.

How to choose your debt adviser?

Since most of the debt adviser companies offer you free advices, they will want to make profits out of some source or the other. Usually that is through a commission of some sort. If you find their resources helpful, then you must go with them. However, if you are not satisfied with their proposal you can always look at other places. It however, always helps to do some research on the companies before you invest with them.

This was all about IVA. Scottish Debt help is a different scenario altogether. The regulations for trust deeds there are different. Even though the process is the same almost, IVA is a lot different from the protected trust deeds and only those who are well versed with the trust deeds will be able to help you out with them. For Scottish debt help, click here.

How to Choose the Best Rate Logbook Loan Providers

Screen Shot 2015-06-28 at 10.27.26When you are looking to get instant cash against your vehicle, then, logbook loans can provide you that financial relief. There are many options that you will need to look into when procuring a logbook loan as most of them have a very high interest rate and take at least one day to process the loan amount after performing the complete evaluation of your vehicle.

Before directly approaching any logbook loan providers, you will need to look into several options also taking into account your own financial standing. You will need to look into interest rates and repayment options. Always choose loan providers who are able to provide lower interest rates and have flexible options of repayment.

Since, most of the logbook loan providers will not look into your credit history or the assets that you possess; you can work out a repayment plan with them. Especially, if you opt for the weekly payment option, the amount that you pay will be less and the duration of the repayment will be longer than seventy eight weeks, giving you enough time to repay all the principle amount of the logbook loan.

You will be happy to know, as a borrower, that even within the logbook loan providers the competition is fierce; hence, you can always look into alternative rates that are competitive. No matter how urgent is your requirement; most of the logbook loans are instantly approved. However, if you are looking at the best logbook loan providers, you will have to look into the above mentioned factors.

If you do not have a stable income, then, you will need a loan provider who will give you lower interest rates and a longer duration for repayment. The interest rate varies from 400% to 70% per annum and this is usually a fixed rate. Therefore, choose a loan provider who has more repayment options for you. You have also have to discuss all the repayment in detail and also let them know your repayment capabilities beforehand so that they could give you more options and make your repayment a bit more hassle free.

When it comes to availing even a loan like a logbook loan, you will always have to discuss every detail of repayment so that you don’t lose your vehicle and fight for repossession later on. Since, repossession can involve lot of paperwork from the court; you can choose the easiest repayment option by choosing either a private lender or a firm that provides lower rate. You can search for loan providers on the logbook loan website online too, as they will electronically evaluate the cost of your vehicle and provide you loan instantly.

In this case, when you get your loan approved, instantly, you will have to agree to all their terms and conditions, and the flexibility of repayment is usually ruled out. These kinds of instant loans that get approved within hour’s time will not give you more than seventy eight weeks to repay and their interest is usually very high. Therefore, in order to choose the best logbook loan providers look into the above mentioned factors and take at least a week’s time to do your research for the best options before going in for this kind of loan.

Bankruptcy products in Scotland

Bankruptcy products in Scotland

If you are a Scottish resident, then you can now make use of bankruptcy to pay off your loan. Bankruptcy has gained a lot of popularity in assisting debtors to pay off their loans. Bankruptcy is commonly known as sequestration in Scotland. It gives you the opportunity to pay only the amount that you can afford. You will not be held responsible for any amount that remains. Only residents of Scotland can make use of this option. You should also have debts that are more than the assets that you own to qualify for this bankruptcy.

To use bankruptcy as a debt solution in Scotland you will need the help of a money adviser. The work of the money adviser will be to advise you whether bankruptcy is the best option for you or not. Once the adviser is certain that you qualify for this option, you will have to look for an insolvency practitioner.  There is no need to look any further for a suitable insolvency practitioner. This is because you can easily get one from www.debtadvisoryscotland.net. He will give you the advice that you need when it comes to using bankruptcy as a debt option. You will also be advised on how you are supposed to repay your loan using sequestration.

Bankruptcy enables you to pay your loan without putting a lot of stress on your finances.  This option is normally used by debtors who do not qualify for the trust deed. Using bankruptcy you will be able to clear off your loan in affordable payments that you make every month. Choose this option and you will clear your debts in a shorter time than you anticipated. Go for the best company and you will not regret your decision. It is a stress free way to pay you outstanding loan amount.