Debt
Our personal debt mountain is growing in Britain and if you’re finding that you’re struggling to make ends meet, you’re certainly not alone!
MoneyBright strives to bring you the latest news and information from the debt sector of the personal finance industry as well as hints and tips for a better financial future!
Debt Help
Our news, hints and tips are designed to provide at-home debt help for those struggling with their finances. Of course, not everybody can deal with their debt problems at home and if you’re in serious fniancial trouble, you should seek professional debt debt help from any number of charities in the UK.
Debt Solutions
MoneyBright gives you the lowdown on the most common debt solutions on the market with explanations of each in plain English. We take the complicated lingo out and simplify it for you.
As ever, if you are experiencing serious financial difficulties, we recommend you seek advice from one of the numerous debt solutions charities in the UK.
IVA
An IVA, or Individual Voluntary arrangement is a legal agreement between a debtor and his or creditors. It involves the debtor making one monthly payment (based on what he or she can realistically afford) for a set period of time. This is usually for five years. The total sum repayable may well be less than what was initially owed, yet at the end of that agreed time period, your debts are considered settled in full.
Debt Management Plan
A debt management plan is an informal agreement between a debtor and their creditors which involves the debtor making an agreed payment each month for an agreed period of time. The payments amounts are based on what the debtor can realistically afford. The debt management plan often means a debtor need only make one monthly repayment, which the debt management company then distribute accordingly. This makes repaying your debts simple and affordable.