Delta Debt Management & IVA Advice » debt advice

Debt Management worries ease as consumer borrowing falls

Ivan Cooper — Tue, 01 Dec 2009 10:11:36 +0000

Debt Management providers have welcomed the news that consumer borrowing has recorded its biggest fall since Bank of England records began some 16 years ago. There has been a large increase in the number of people struggling with debt problems, and having to seek financial advice to improve their situation.

Consumers have been turning to Debt Management and IVA providers in increasing numbers in an effort to avoid total financial ruin. Since the start of the current financial meltdown, there has been a sharp increase in unemployment as well as repeated falls in the average value of property.

These factors, along with wage freezes, and other influences, have left many consumers unable to cope with their unsecured loans and credit card debt problems.

Debt management and IVA providers urge people to speak to an expert before it’s too late. There are many different solutions available for people that need debt help, the important thing is to act now, before the situation gets any worse.

This news that unsecured borrowing had declined has added weight to the argument that consumers are more likely to pay off unsecured debts, instead of saving up during periods of low interest rates.

The number of new mortgages approved during October rose for the 11th consecutive month, whilst at the same time unsecured loans declined by £713 million in October compared, when compared with the previous month. The number of people applying for re-mortgages remained subdued.

unsecured loans down, but credit card debt up

There was a surprise increase in credit card debt levels, as spending on plastic increased by £134 million during October, compared with the previous month. This was more than offset by the decline in other forms of debt such as loans for cars, hire purchase agreements and unsecured bank loans.

The total of outstanding unsecured loans in the UK is around £228 billion, which is a similar figure to the beginning of last year. This shows that despite the best efforts of consumers to reduce their borrowings on unsecured loans, the figures remain more or less unchanged.

If you are struggling with your finances, and having difficulty making repayments on credit card debt and other loans, the best thing to do is contact an IVA or Debt Management provider for some help and advice. DEMSA, the Debt Managers Standards Association, have received approval for its code of practice under the Office of Fair Trading Consumer Codes Approval Scheme for advice for debt management plans (DMP) and Individual Voluntary Arrangements (IVA). A list of DEMSA members can be found on their website, demsa.co.uk.

Debt Management worries ease as consumer borrowing falls is a post from: Delta Debt Management & IVA Advice

Share prices fall due to Dubai debt problems

Steve Shaw — Fri, 27 Nov 2009 11:01:35 +0000

Debt problems are nothing new to us in these times, however, there are new concerns in the stock markets across Europe courtesy of Dubai.

Dubai is a country associated with extreme wealth due to oil and hyper-tourism, but in recent times, many of the luxurious properties built by state-owned companies such as Dubai World have struggled to sell. Houses worth up to $2 million less than three years ago are still lay dormant and can be snapped up for $250,000. Granted that is still a lot of money, but the economy in Dubai isn’t geared to make a loss on these projects.

Dubai World have announced that they will have to delay the repayment of some of it’s debt, causing the markets in Asia to drop steeply. Some financial forecasters are worried that the weakened state of the European economies will allow the credit crunch to return. If this were to happen, global demand would dip again and commodities including oil would fall in value.

The anticipatory effect has caused a fall in the price of a barrel of crude across the world, down $1.26 in London and almost 5% in the US. Share indexes in Germany, France and the UK opened down 1%.

It is difficult to see exactly how we will be affected in the UK, however, chances are this will slow any recovery being made across the country and may make the debt problems of average Britons worse.

Ivan Cooper, Chairman at Chiltern Debt Management said: “This is a very worrying situation, just as the country starts to look like it is turning a corner, something seeming unrelated starts to cause such concern.

“For those whose finances are already stretched, this could be a serious worry and seeking advice from a reputable company – like Hamilton Locke, The Debt People or Chiltern.”

Share prices fall due to Dubai debt problems is a post from: Delta Debt Management & IVA Advice

£2,000 a year energy bills strain debt management

Nathan Cameron — Fri, 09 Oct 2009 11:55:53 +0000

If Britain misses its green energy targets we could all face energy bills of up to £2,000 a year, which would place further strain on the debt management of many struggling households.

In a worst case scenario, household bills could rise upto 60 per cent by 2016, driving energy bills to the £2,000 mark for the year.

This came following a review of the energy market in Britain by watchdog Ofgem.

Currently the average household energy bills total £1,247 annually, but according to the Ofgem report this could soar to £1,995.

A spokesperson for utility switching service Energyhelpline, said: “If Ofgem’s worst case comes true, we are looking at the £2,000 a year energy bill.

“A rise of 60pc is credible, unfortunately, especially for electricity. A lot of generating plant is about to be replaced with greener technology.”

Ivan Cooper, Chairman at debt advice organisation Chiltern, said: “There are already a record number of households who are struggling to manage their finances in the current climate, resulting in more people seeking help with their debt management issues.

“If the predictions from Ofgem are correct, then many more may face serious debt problems as they turn to overdrafts and credit card debts to pay for household bills.

“A more sensible option would be to seek impartial debt advice from a reputable provider, as soon as households feel they may be unable to maintain any current commitments.”

£2,000 a year energy bills strain debt management is a post from: Delta Debt Management & IVA Advice

Burglaries up as debt problems grow

Nathan Cameron — Tue, 06 Oct 2009 10:09:06 +0000

The recession is being blamed for a surge in the number of burglaries, as people struggle to deal with mounting debt problems.

Across the country the number of burglaries has risen, as they also did during previous recessions in the 1970s and early ’80s.

Earlier this year the British Crime Survey revealed that opportunist crime had risen, with the first rise in domestic burglary for six years, along with a 25 per cent rise in pick-pocketing and snatch thefts.

Worryingly though is that the national figure hides double-digit rises in burglaries amongst rural forces, such as a 16 per cent rise in Lincolnshire, 20 per cent in Cambridgeshire and 25 per cent in North Wales.

Some boroughs around the capital were also amongst the worst affected, with Croydon and Lambeth seeing burglary rates up 29 per cent and 27 per cent respectively over the last six months.

In public, Police officials are reluctant to blame the recession for the surge in crime, however many senior officials are in little doubt that debt problems and the rise in thefts are inextricably linked.

Metropolitan Police Commander, Mark Simmons, said: “A relatively small number of (prolific) offenders can contribute to short term spikes in burglary.

“I am not sure we can be certain that the effects of the recession have driven people to commit more acquisitive crime in this period. Whatever the cause, it is our job to chase burglars down.”

Debt advice organisations have reported an increase in the number of enquiries they have received during the downturn, as people seek alternative ways to get out of debt.

Ivan Cooper, Chairman at debt management specialists Chiltern, said: “Rather than turning to crime, there are many options available to people struggling to make ends meet that can help them to get out of debt.

“Quite often any problems with loans and credit card debts can be avoided by seeking some impartial advice from a reputable organisation.”

Burglaries up as debt problems grow is a post from: Delta Debt Management & IVA Advice

Lenders seek to reduce debt problems

Nathan Cameron — Fri, 02 Oct 2009 10:12:38 +0000

Amid signs of an economic recovery lenders are trying to reduce the chances of developing debt problems by lowering limits on cards and tightening loan criteria.

A report by the Bank of England suggests that lenders will enforce stricter limits on those they give money to and reduce limits on plastic to reduce the amount of credit card debts racked up in the run up to Christmas.

The Bank’s Credit Conditions Survey also warned that more people would default on personal loans, as the profits made by banks had risen on credit cards and unsecured loan products.

This news comes despite signs of a recovery in the economy, as house prices and mortgage approvals have risen since the low levels seen during the height of the credit crunch.

Paul Samter, economist at the Council of Mortgage Lenders, said: “There are encouraging signs that households are coping better than expected with difficult conditions. Despite this, however, we still expect payment problems to increase in the coming months, given the weak economy and jobs market.”

Ivan Cooper, Chairman at debt management specialists Chiltern, said: “Billions of pounds of taxpayers’ money has already been pumped into some of the biggest banks in Britain, yet lenders still seem relunctant to lend.

“As a result, this means that more people are likely to be in need of impartial debt advice, as they have fewer options to solve their financial problems.”

Debt specialists like The Debt People, Hamilton Locke and Chiltern, enable people that are struggling to repay their unsecured balances (personal loans, overdrafts and credit card debts) to regain control of their finances, whilst still repaying debts.

Lenders seek to reduce debt problems is a post from: Delta Debt Management & IVA Advice

Credit card debt written-off in landmark court case

Nathan Cameron — Thu, 01 Oct 2009 16:28:00 +0000

A judge has ruled in a landmark case that £8,000 worth of credit card debt could be written-off, after payment protection insurance (PPI) had been wrongly sold.

The claim was made by Lynne Thorius against MBNA, after she was charged thousands of pounds in PPI premiums on the Sunderland FC credit card she had applied for.

The credit card giant tried to force Ms Thorius to repay the £8,000 of credit card debt owed, but the Judge decided that an unfair relationship had existed between Ms Thorius and MBNA because of the way the lender had sold the card insurance.

Crucial to the prosecution’s argument was that Ms Thorius had not been told that MBNA would regularly receive commission payments from the insurance provider ITT London & Edinburgh, a subsidiary of the Aviva insurance group.

Judge Smart ruled that this “secret” commission meant the credit card agreement was unfair and therefore in breach of the Consumer Credit Act.

This point could potentially undermine many other agreements where PPI has been sold and open the floodgates for millions more people who are struggling to get out of debt after being mis-sold similar insurance products alongside personal loans, car finance deals and even mortgages.

Judge Smart also agreed with Ms Thorius’s lawyer that the credit card debt on Ms Thorius’s account was unenforceable because MBNA could not provide a copy of the original loan agreement, which is also a requirement under the Consumer Credit Act.

Judge Jacqueline Smart at South Shields county court ruled that the company should either pay Ms Thorius’s PPI premiums and interest back to her, or the value of the commissions it had received which so far has been undisclosed.

Ivan Cooper, Chairman at debt management specialists Chiltern, said: “This could open floodgates for millions more people who are struggling to get out of debt after being mis-sold similar insurance products.

“However consumers should always seek impartial debt advice first and shouldn’t just think that they don’t need to pay for their credit card debts and other balances.

“This case is a county court case so does not set any legal precedent. Each case is decided on its own individual merits and on the factual circumstances within it.”

Credit card debt written-off in landmark court case is a post from: Delta Debt Management & IVA Advice

Water bill debt help soars

Nathan Cameron — Tue, 29 Sep 2009 09:12:00 +0000

Latest figures released show that the number of vulnerable people needing debt help with their water bills has soared by 20 per cent in the last year.

According to water regulator Ofwat there are many people who could relieve debt problems and benefit from lower bills, but thousands aren’t using the reduced WaterSure tariff even though they qualify.

The WaterSure tariff, previously the Vulnerable Groups Scheme, is open to people on water meters who receive tax credits or benefits and have responsibility for three children or more (aged under 19).

It was introduced in 2000 and allows those in the scheme to pay no more than the average household bill for their region.

The WaterSure tariff is also available to households where somebody has a medical condition that means they need more water, such as Crohn’s disease or Eczema.

Ofwat Chief Executive Regina Finn said: “Unfortunately there are still many people out there who could benefit from the tariff who do not know about it.”

Ivan Cooper, Chairman at debt help specialists Chiltern, said: “Thousands of water customers are struggling with their bills because they aren’t being made aware of the reduced tariff.

“More should be done to offer debt advice to vulnerable people who are struggling to maintain their payments, as no doubt they will also be struggling to get out of debt with other payments too.”

Ofwat recently revealed how much companies could charge for water and sewerage in 2010 to 2015, announcing that the typical bill in England and Wales should be cut by £14 to £330 over the five years, excluding inflation, although the companies had wanted prices to rise.

Water bill debt help soars is a post from: Delta Debt Management & IVA Advice

Debt advice working as borrowing levels fall

Nathan Cameron — Thu, 03 Sep 2009 08:05:17 +0000

The bank of England has confirmed that the level of personal debt in Britain has fallen for the first time since 1993, when records began. The news has been welcomed by debt advice providers as proof that UK consumers are taking their personal debt more seriously and beginning to reign in their spending.

The current level of personal debt in the UK now stands at £1.457 trillion, as personal borrowing declined by £600 million in July. The drop consisted of a fall back in mortgage borrowing as well as a reduction in other borrowing, such as personal loans and credit card debt.

Contrary to what the figures suggest, the number of mortgages agreed in July actually rose, indicating that property sales and values may be set to rise. Outstanding balances on mortgages fell by £400 million as consumers repaid more money than they borrowed over the month.

Consumer credit, which includes HP agreements, personal loans and credit card debt fell by £200 million during the month. This is despite the fact that borrowing on credit cards actually increased by £92 million in July.

Since the start of the economic downturn there has been an increase in the number of consumers that have suffered financially. Nathan Gladwell, of Chiltern Debt Management was upbeat about the news, saying “It’s good to see that the public are beginning to get to grips with personal debt levels.

“This is the first decline in personal borrowing since records began, so it is still early days. One can only hope that the trend continues and we see a reduction in the number of UK consumers suffering with debt problems.”

Debt advice working as borrowing levels fall is a post from: Delta Debt Management & IVA Advice

More than 100 'misleading' debt advice firms closed by Ministry of Justice

Nathan Cameron — Mon, 17 Aug 2009 13:48:01 +0000

The Ministry of Justice (MoJ) has closed down more than a hundred claims management firms in the last two years, after they had been found guilty of giving misleading debt advice to vulnerable consumers.

The report from the MoJ said the companies, which included a number of personal injury and claims management firms, were guilty of a number of various offences, including persistent use of misleading advertising and marketing, ignoring requests for information from the regulator and using high-pressure sales techniques or cold-calling in person.

In some cases the companies under scrutiny were being run by people with criminal convictions for fraud.

Some of the most common misleading claims used by the firms were statements declaring that 80% of credit agreements were unenforceable, or that all of a consumer’s credit card debts could be written off in less than a few weeks. Some companies even claimed to buy the consumer’s debt from them for a token payment of a pound, but would then charge hundreds of pounds to assess their accounts.

Reputable debt advice organisations have been quick to distance themselves from the practices of unscrupulous claims management and personal injury firms.

Ivan Cooper, Chairman at debt management specialists Chiltern said: “The debt advice that these companies give has been found to be misleading by the Ministry of Justice, but the victims of these scams who are already suffering from debt problems are left further out of pocket.

“What’s more, they are then less likely to trust other reputable debt management companies, and less likely to seek proper impartial debt advice.

“As a result, outstanding balances could be ignored and debt problems could be left to get worse.”

The closures of the illegitimate companies form part of a wider crackdown on claims companies that mistreat or mislead customers.

Kevin Rousell, head of MoJ regulation, said: “People desperate for a way out of their financial troubles can be vulnerable to the misleading marketing that the Ministry of Justice claims management regulator is continuing to tackle.”

He also stated that the MoJ would continue to enforce strong action to deal with claims management companies that disregarded the rules and the interests of the public.

More than 100 'misleading' debt advice firms closed by Ministry of Justice is a post from: Delta Debt Management & IVA Advice

Debt advice required as economy shrinks

Nathan Cameron — Mon, 20 Jul 2009 07:50:01 +0000

News that the UK economy is set to continue shrinking in 2009 has caused concern amongst financial advice specialists. They are worried that there could be a large increase in the need for debt advice from hard up consumers, and at a time when the system is already struggling to cope.

According to figures released by Ernst and Young, the economy will shrink by 4.5% during 2009, the largest fall in more than 60 years. Their forecast is worse than the official government prediction of 3.5%.

The last few months have seen a lot of changes. For many years the country was enjoying a boom, with house prices increasing every month and credit had never been easier to come by. These situations lead to a lot of consumers getting into financial difficulty, by borrowing more than they could reasonably afford.

Now that the credit crunch, and resultant recession, has turned everything upside down a lot of financial casualties have been left in its wake. The main problems are related to excessive mortgages, as well as high interest loans and too much credit card debt.

Many economists are making gloomy predictions for the future, and believe that the worst may not be behind us yet. Some analysts are of the opinion that the UK could experience a “double dip” recession, where we see the economy improve and stabilise, before shrinking again.

The banks were blamed for much of the current stagnation; as they were accused of not lending enough money to stimulate the economy back into growth. There was also a warning concerning the economic threat of swine flu. The worst case scenario is an extra contraction in the economy of 3% this year, attributed to the illness, followed by a shrinking of 1.2% next year.

The only hope for a quick recovery could be an expansion in world trade that could be exploited by UK exporters whilst the pound is weak.

Debt advice required as economy shrinks is a post from: Delta Debt Management & IVA Advice

Debt advice for homeowners

Nathan Cameron — Fri, 10 Jul 2009 08:08:52 +0000

More homeowners could find themselves in need of debt advice as news emerged that house prices have fallen for another month.

The decline in property values has led to an increase in the number of consumers that are finding themselves in financial difficulty. Many homeowners thought of the equity in their house as a pension, or savings, medium. Most people regarded this as just about the safest form of investment around, and few people saw the recession coming and the subsequent collapse in house values.

Over the last few years, property equity has helped many consumers to get out of debt. This was usually achieved by remortgaging, or taking out a secured consolidation loan, in order to clear multiple unsecured debts. Now that the equity has all but disappeared, borrowing to solve debt problems is no longer an option. This has left many over-committed consumers with a debt management scheme as their only viable alternative.

According to the Halifax, property prices fell by 0.5% in June with the annual rate of decline now at 15%. They believe that the property market maybe beginning to stabilise after the declines that we have seen over the last two years. The average UK house is now worth just over £157,700.

The reason for their positive outlook is that the quarterly decline in house values, of 1.9%, is the lowest quarterly fall since the beginning of 2008.

There has been some disagreement as to where the market is heading at the moment. According to the Nationwide, property prices are actually going up. Their figures show that property values have increased in three of the last four months, and are now 6% higher than they were in February this year.

It is hard to see any long term prospect of recovery. With unemployment rising every month and mortgage funds still hard to come by it’s hard to imagine that the housing market will re-ignite any time soon.

Debt advice for homeowners is a post from: Delta Debt Management & IVA Advice

Debt advice specialists welcome cheque guarantee limit

Nathan Cameron — Wed, 08 Jul 2009 07:42:36 +0000

The HSBC bank has announced that it is to reduce the cheque guarantee limit on selected debit cards. This is likely to affect around 300,000 customers of the bank, who will see their card guarantee limit fall from £250, down to just £100. The move was welcomed by debt advice specialists, who see this as the removal of an unnecessary temptation; one that has caused consumers to spend irresponsibly in the past, and end up in financial difficulty with an unmanageable overdraft.

The Bank said that it was talking the steps in order to reduce the number of customers getting into debt and also to cut its losses on cheque fraud.

The banking industry plans to phase out the cheque guarantee system in around two years time. Already many retailers refuse to accept cheques in exchange for goods and services, and last year only 7% of cheques issued were covered by the guarantee scheme.

Around 88% of all customers in the UK have cheque cards with limits of £50 or £100 only. The HSBC is targeting the reduction in cheque guarantee limits at those people that had requested an increase in their limit in the past.

The move could stop some consumers from becoming overcommitted. A cheque book containing 30 cheques, accompanied with a £250 guarantee card, allows the user to rack up a £7,000 overdraft, without having to request it. By reducing the guarantee to £100 per cheque, this reduces the potential damage to an overdraft of just £3,000.

Consumers get into financial difficulty for a number of reasons. Sometimes it’s irresponsible borrowing on the part of the consumer, and sometimes it can be down to a change in circumstances, such as the loss of a job for example. In many cases it’s down to irresponsible lending from the banks, by simply making borrowing money and getting into debt too easy.

Debt advice specialists welcome cheque guarantee limit is a post from: Delta Debt Management & IVA Advice

Unemployed increase pressure on debt advice specialists

Nathan Cameron — Mon, 06 Jul 2009 08:17:14 +0000

The number of people unemployed in the UK increased by nearly a quarter of a million, during the first quarter of this year, to reach 2,220,000.

The figures released by the ONS, Office for National Statistics, showed that the jobless rate increased from 6.7% to 7.1%, and the number of people making unemployment benefit claims, during April, was up by more than 57,000 to reach 1.51 million.

The figures have caused concern amongst debt advice specialists, who are already struggling to deal with record numbers of consumers that are in financial difficulty. Since the start of the recession, many people have been hit hard financially, and are struggling to make ends meet.

Tens of thousands of people are behind with repayments on loans and credit cards and are in need of help programmes, such as a debt management plan or an IVA, in order to get then back on track.

The three month rise in the jobless rate was the biggest quarterly increase since 1981. News that unemployment is still rising, and is expected to keep going up for the foreseeable future will cause worry to a highly overloaded debt advice sector.

Many businesses are having difficulty keeping their heads above water, in these troubled financial times. The solution for many companies has been to reduce the cost of labour by reducing, or freezing, wages or by cutting the size of the work force with redundancies. Companies in a more precarious position are faced with the realistic prospect of having to shut up shop for good, leaving all of their staff out of work, and facing a gloomy future.

Debt advice specialists are urging consumers with financial difficulties to act sooner rather than later. They are recommending that help and advice should by sought, before things get out of hand and the only alternative left is insolvency.

Unemployed increase pressure on debt advice specialists is a post from: Delta Debt Management & IVA Advice

Debt advice sought as defaults increase

Nathan Cameron — Fri, 03 Jul 2009 08:06:14 +0000

A survey by the Bank of England has revealed that the number of consumers that are defaulting on loan repayments has increased, and is expected to keep on rising over the coming months.

The figures were gathered together from a poll of UK banks and building societies, and the picture that was revealed was a fairly gloomy one, as more people are now unable to afford payments on mortgages and other debts.

The poor economic situation, coupled with rising unemployment, was the main driving factor behind the rising figure. Record numbers of consumers are seeking debt advice, in a bid to avoid complete financial collapse, and signing up for Debt Management Plans or IVAs.

The figures also showed that lending to businesses had not increased in line with expectations during the last quarter, with many banks facing criticism from corporate leaders for the lack of available funding. In answer to this, the banks are confident that the availability of credit, for business, will increase during the next quarter.

The next three months could be interesting, with predictions that secured borrowing is likely to increase, whereas the financial institutions are expecting a fall in the uptake of unsecured personal loans and credit card debt.

The banks that are most likely to increase lending levels in the near future are those that are part government owned, in an effort to boost the economic recovery. A quick return to the lending levels that were seen before the credit crunch seems very unlikely.

Debt advice sought as defaults increase is a post from: Delta Debt Management & IVA Advice

WAG lifestyle causing debt problems in young adults

Nathan Cameron — Thu, 18 Jun 2009 12:55:45 +0000

Latest figures suggest that the attempts of young women to live a celebrity lifestyle may be to blame for the rise in debt problems and subsequent bankruptcies in this age group.

The lifestyles reported on in glossy magazines (like Hello, Now and Heat) along with historic access to easy credit have proved irresistible to many young women. Of the 62,000 personal bankruptcies last year there were 1,560 women under the age of 24 compared with 1,250 men.

Increasing numbers of young women being made bankrupt blame credit card debt and mounting mortgage or rent payments, which their typically low monthly salaries are unable to sustain.

Worryingly, bankruptcies amongst the under-24 age group have risen 10% overall in the past five years, as young adults depend more on unsecured credit (personal loans, store cards and credit card debt) to fund an unrealistic celebrity lifestyle.

Debt advice organisations say they’re already receiving more enquiries from young adults who have risked bankruptcy because they’re trying to live like WAGs (Wives And Girlfriends) such as Wayne Rooney’s wife Colleen McLoughlin.

Ivan Cooper, Chairman at leading UK Debt Management company Chiltern, said: “Frequently we have seen that many young single women have an unhealthy proportion of their monthly salaries swallowed-up by store cards and credit card debt payments, which makes them extremely vulnerable if their situation changes.

“Over the last few years the pressure on young “status-conscious” women to follow their female celebrity heroines’ spending has grown immensely, but unless they have the same spending power such lavish shopping sprees could cause serious debt problems.

“Changes in interest rates or the loss of their job then makes them far more likely to go bankrupt, as their finances can’t service their commitments – which causes further debt problems.”

Debt help organisations suggest seeking impartial advice before any serious debt problems have chance to develop. Reputable debt advice companies, such as The Debt People, Hamilton Locke and Chiltern, can offer a number of ways to get out of debt.

Bankruptcy can often be avoided by seeking debt help from a reputable provider, as they are specialists in the subject and can suggest ways to repay outstanding balances but at a more affordable level.

These include offering free debt advice like help with budgeting and debt prioritisation methods, along with offering one of a number of professional debt solutions, like Debt Management Plans (DMPs), Individual Voluntary Arrangements (IVAs) and Trust Deeds, where necessary.

Informal debt management arrangements (like a Debt Management Plan or Debt Consolidation Loan) enable all outstanding balances on personal loans, store cards, credit cards, catalogues etc to be repaid with a single monthly payment.

With more formal debt management programmes, like a Trust Deed or an IVA, debts are repaid over a fixed period of time (usually three years for a Trust Deed and five years for an IVA), after which time all remaining outstanding balances are written-off.

For information on the debt solutions available, or for immediate impartial debt advice, please call the number at the top of this page.

WAG lifestyle causing debt problems in young adults is a post from: Delta Debt Management & IVA Advice