Archive for category Debt Relief
Scotland Debt Help : IVA
Posted by Loans Guru in Debt Relief on May 15th, 2011
introduction to a Protected Trust Deed
Most people will have never heard of a Trust Deed, however it is one of the most common ways for people to resolve their debt problems in Scotland. Roughly 9,000 enter this solution each year as a way to resolve their debt problems. There are a number of different debt solutions for people in debt. Today, we’ll explain the positives and negatives of the Trust Deed. The English equivalent of the Scottish Trust Deed is the Individual Voluntary Arrangement.
Like all debt solutions there are positives and negatives. The Scottish Trust Deed is becoming a more popular debt solution, with hundreds of companies looking to offer this debt solution. However the Protected Trust Deed solution comes with a warning and should be considered with great care.
What are the negatives?
With the rise of the Protected Trust Deed debt solution we’ve seen an increasing number of complaints to the Office of Fair Trading because of unfair practices. This means that people who are not suitable for a Protected Trust Deed are being told it’s the right debt solution for them. The money made by companies because of people entering a Trust Deed can be astronomical. This article confirms the truth behind the negatives of the Protected Trust Deed debt solution.
The negatives of a Trust Deed include;
- If you fail to meet your contributions then you would be likely to face Sequestration.
- Your equity within your house must be taken into consideration. Some companies fail to explain that if your equity has not been dealt with by the end of your debt solution then you may have to sell your house.
- Your credit file will have a default on it for 6 years.
When is a Trust Deed right
In many instances the Protected Trust Deed is the right debt solution. When you have severe debt problems and you realistically cannot repay your debts with your available disposable income, then a debt solution is required. If you have equity within your property which could pay your debt in full then you would not be able to enter a Scottish Trust Deed.
Who do I speak to
If you have debt problems then you have a choice who you tell. Some people don’t even want to tell their closest family. It’s essential you get the help you need. We’ve created some top tips when deciding who to contact for debt help.
1. Never speak to companies who text, email, mail or telephone you. They are the companies most likely to be making the most profit by charging you for simple advice which a free charity could offer.
2. Never feel pressured by a company into signing anything. If they are pressurising you then they are more concerned by the money they can make and will not really care about your financial situation.
3. Check for a consumer credit licence. If the company doesn’t have a consumer credit licence then they are breaking the law and not a legitimate debt advice company.
4. Google. Check Google for feedback from other people. The Debtwatchdog forum is great for reviews of other people’s experiences.
5. Never contact a debt management company. Some for profit companies will only offer one solution- a debt management plan. The debt management plan can be useful for some people, however it is an informal arrangement with your creditors any companies only need a consumer credit licence to adminster this solution. If a company only offers a debt management plan and no other solution, then you can quickly find yourself in a long term (40 years) debt management plan.
The options for debt advice
There are a number of options for people in debt and looking for help. Most people recommend speaking to a debt charity because they are not profit focussed. Other people prefer immediate face to face debt advice. In this instance you may need to pay for advice out of your own pocket. Free debt advice can be found at a number of debt charities, with the citizens advice bureau offering face to face charity advice.
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How To Clear Gambling Debts
Posted by Loans Guru in Debt Relief on May 11th, 2011
Harvard Medical School believe that 1.6% of all American’s will develop an addiction to gambling and 3.8% of people will go on to develop a less serious problem. While this statistic may seem relatively small, more American’s than ever are now at risk. The percentage may be the same, but access to sports betting, casinos, slots, poker and scratch cards has become so easy. That’s why the gambling industry has grown exponentially during the last quarter of a century. Most business comes from hard-up, vulnerable and elderly individuals. Once you’re hooked, it can be very difficult to evade its hold.
Take Steps to Deal with a Gambling Addiction
The most common problem to arise from this dangerous speculative source of entertainment is gambling debt. It’s all too easy to lose your cash on the turn of a card, but those losses are notoriously difficult to eliminate. This is because most people are unable to escape the hold it has on them and continue to places bets. Until you’ve got a grips with the problem, your debt relief program won’t work. You need to get assistance from Gamblers Anonymous (GA) or Gamcare so that you have enough support to get you through this difficult period of your life. You can’t just gamble less, you literally have to stop taking risks completely. It isn’t easy, and that’s why you need assistance from someone who understands.
Is Filing Bankruptcy Under Chapter 7 the Debt Solution?
You’ve got your addiction under control, so you’re in a better position to consider a debt relief solution. If most of your unsecured debt has arisen due to problem gambling, you shouldn’t file for chapter 7 bankruptcy. You may wish to consult a free credit counseling service about your case, but you’ll normally find that a judge will not view your losses with much sympathy. You may be able to eliminate some of your losses, but you won’t be able to remove them all. The laws were further tightened by the 2005 bankruptcy code to prevent people from eliminating debt when they knew that they were planning to file chapter 7.
How to Clear Gambling Losses
If your bankruptcy lawyer doesn’t feel that filing chapter 7 is the optimal way to become free from debt, there are other debt-free solutions. The leading alternative to bankruptcy is the debt settlement program. This involves recruiting a company to negotiate with your creditors so that up to 50% of your losses can be cleared. You’ll then repay the remaining balance at an affordable rate over the next few years. It’s important to note that, unless you’re insolvent, the Internal Revenue Service will construe this write-off to be taxable indebtedness income. The gambling losses that you’ve eliminated are taxable, so speak to a tax advisor before you go ahead.
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