Here are some of the keywords that people may search for when looking for debt-related advice. We can help with any of these search terms on www.debtlinedirect.com;
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Materialism and the debt culture
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Debt And The Current Culture Of ‘I Want It Now' – Why Do People Get Into Debt And Why Is Materialism So Important?
It's so easy to get into debt these days. We live in a society where debt is common practice among thousands of people all over the U.K and beyond. Why? Why do we get ourselves into this predicament? Well the answer is straight forward, in a world where the need for materialism is stronger than living to our means, where banks and loan companies throw money around with ridiculous interest rates, where it is so much easier to borrow and spend rather than earn and spend, the temptation takes over.
How many times do you turn on the television and see offers of borrowing money, cars on credit, ‘buy now, pay later' options? We live in a culture where the psyche of people's minds simply is; ‘I want it now'. The 'buy now pay later' option allows people to purchase whatever it is they want and pay it back in instalments. Seems ideal doesn't it? You can take home that fabulous PC today and you don't have to hand over a penny. What could be simpler? But what most people don't consider is the interest they will end up paying. Some companies charge extortionate rates of interest on their products in 'buy now pay later' deals. Often a person can end up paying over double the price of the product. These interest rates are mentioned at the point of sale but not always overtly enough. Remember, the salesman wants a sale. He will tell you about the interest but he is unlikely to emphasise just how much that interest will mean you have to repay as he does not want to dissuade you. Make sure you always read the small print and work out exactly how much you will end up repaying.
How many of us own a credit card or want to own a credit card? So much easier than having to wait until pay day right? But here's where the lenders make their money. The APR rate on borrowing on a credit card can be simply unaffordable. Some credit card companies even cater for people with an extremely bad credit rating. These types of lending tend to have extremely high APR because the lenders know that you have no other choice but to accept or do without.
It's a dog eat dog lifestyle that becomes a nightmare and you really need to be careful when you consider getting yourself further credit which will in turn get you into further debt.
Once creditors get on your back, things can get really nasty, red letters through the door, threats of CCJ's, and even threatening to send bailiffs to your door to take away your material possessions. Debt can get so bad some of us even contemplate suicide.
BUT IT DOESN'T NEED TO BE LIKE THIS.
There are debt management companies out there who can help you get out of this pit-fall. Companies that can set up and arrange debt plans with you, so that you can consolidate all your debts into only one affordable monthly payment. It gets the creditors off your backs, the bailiffs away from your doors, and makes life SO MUCH BETTER for you once you know you are now in control of your life once more. There are other options too, such as IVA's, Trust Deeds and Bankruptcy. DebtLine Direct offer all this and more. So, if you're ready to face your fears and refuse to live like this anymore, then visit our site and give us a call or e-mail us. We even have a forum where you can talk to other like-minded individuals in the same situation as you or a chat-room if you're not ready to speak over the phone just yet. Whatever your need, we'll be there for you.
www.debtlinedirect.com
It's so easy to get into debt these days. We live in a society where debt is common practice among thousands of people all over the U.K and beyond. Why? Why do we get ourselves into this predicament? Well the answer is straight forward, in a world where the need for materialism is stronger than living to our means, where banks and loan companies throw money around with ridiculous interest rates, where it is so much easier to borrow and spend rather than earn and spend, the temptation takes over.
How many times do you turn on the television and see offers of borrowing money, cars on credit, ‘buy now, pay later' options? We live in a culture where the psyche of people's minds simply is; ‘I want it now'. The 'buy now pay later' option allows people to purchase whatever it is they want and pay it back in instalments. Seems ideal doesn't it? You can take home that fabulous PC today and you don't have to hand over a penny. What could be simpler? But what most people don't consider is the interest they will end up paying. Some companies charge extortionate rates of interest on their products in 'buy now pay later' deals. Often a person can end up paying over double the price of the product. These interest rates are mentioned at the point of sale but not always overtly enough. Remember, the salesman wants a sale. He will tell you about the interest but he is unlikely to emphasise just how much that interest will mean you have to repay as he does not want to dissuade you. Make sure you always read the small print and work out exactly how much you will end up repaying.
How many of us own a credit card or want to own a credit card? So much easier than having to wait until pay day right? But here's where the lenders make their money. The APR rate on borrowing on a credit card can be simply unaffordable. Some credit card companies even cater for people with an extremely bad credit rating. These types of lending tend to have extremely high APR because the lenders know that you have no other choice but to accept or do without.
It's a dog eat dog lifestyle that becomes a nightmare and you really need to be careful when you consider getting yourself further credit which will in turn get you into further debt.
Once creditors get on your back, things can get really nasty, red letters through the door, threats of CCJ's, and even threatening to send bailiffs to your door to take away your material possessions. Debt can get so bad some of us even contemplate suicide.
BUT IT DOESN'T NEED TO BE LIKE THIS.
There are debt management companies out there who can help you get out of this pit-fall. Companies that can set up and arrange debt plans with you, so that you can consolidate all your debts into only one affordable monthly payment. It gets the creditors off your backs, the bailiffs away from your doors, and makes life SO MUCH BETTER for you once you know you are now in control of your life once more. There are other options too, such as IVA's, Trust Deeds and Bankruptcy. DebtLine Direct offer all this and more. So, if you're ready to face your fears and refuse to live like this anymore, then visit our site and give us a call or e-mail us. We even have a forum where you can talk to other like-minded individuals in the same situation as you or a chat-room if you're not ready to speak over the phone just yet. Whatever your need, we'll be there for you.
www.debtlinedirect.com
What's the best debt solution?
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Dealing With Debt - What Debt Solutions Are Avaliable For Me?
HELP ME WITH DEBT
There are a number of debt solutions on the market which are all designed to help you deal with debts and reduce your monthly payments to your creditors. These include:
Debt Management Programme – The debt management programme is offered by many financial solutions companies across the country. They are designed to offer you a reduced payment to your creditors. Making your unsecured debts more affordable means that you can keep to a good standard of living without having to worry about missing payments to your unsecured debt, but it is likely that the length of time you will be paying back this debt will increase.
Debt management programmes are only really suitable for those with debt which is less than £12,000, if your debt is higher than this level and you are struggling then you may be more suitable for an IVA.
IVA (Individual Voluntary Arrangements) – IVA's were introduced as a more realistic alternative to bankruptcy for those who are struggling with high levels of debt. Once accepted onto an IVA, the average term is 60 months. During this IVA term you must commit to making a set reduced payment to your IVA. This will be distributed amongst your creditors who will write off any unpaid debt upon completion of an IVA.
An IVA is a legally binding contract between you and your unsecured creditors so it is essential that you continue to make the payments to your creditors so you do not have to risk bankruptcy.
Trust Deeds
Voluntary -A trust deed is a voluntary agreement between a debtor and their creditors (the people they owe money to) to repay part of what they owe. A trust deed transfers the debtors rights to the things that they own to a trustee who will sell them to pay creditors part of what is owed to them. A trust deed will normally include a contribution from income for a specified period, this is usually 36 months but can vary.
The trustee must be a qualified insolvency practitioner. Insolvency practitioners are regulated by law and must be members of an approved governing body. Independent Insolvency Practitioners fees are at their own and their licensing authority's discretion.
An ordinary trust deed is not binding on creditors unless they agree to its terms.
Protected -A protected trust deed is a special kind of trust deed that is binding on all creditors. Provided the debtor complies with the terms of their protected trust deed, the creditors can take no further action to pursue the debt or to make the debtor bankrupt.
A protected trust deed prevents the debtor from applying for their own bankruptcy or for a debt payment programme under the Debt Arrangement Scheme.
If a debtor aquires any new debts after they sign the trust deed, they will not be protected from action by ther new creditors.
Bankruptcy
Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full.
There is no right or wrong option to choose from, it all depends on your circumstances and what you owe - for example if you own a house, a car and other things that could be taken from you through bankruptcy, then that's not the right option for you and a debt reduction prrogramme would be more ideal. What is clear though, is that you must carefully weigh up your options and speak to a qualified trained advisor who can give you impartial advice. You must be careful about debt management companies
who are only in it for the money and won't care about you as an individual.
Go to: www.debtlinedirect.com for more information where an online forum/ chat room is avaliable to speak to the staff or other people just like you.
HELP ME WITH DEBT
There are a number of debt solutions on the market which are all designed to help you deal with debts and reduce your monthly payments to your creditors. These include:
Debt Management Programme – The debt management programme is offered by many financial solutions companies across the country. They are designed to offer you a reduced payment to your creditors. Making your unsecured debts more affordable means that you can keep to a good standard of living without having to worry about missing payments to your unsecured debt, but it is likely that the length of time you will be paying back this debt will increase.
Debt management programmes are only really suitable for those with debt which is less than £12,000, if your debt is higher than this level and you are struggling then you may be more suitable for an IVA.
IVA (Individual Voluntary Arrangements) – IVA's were introduced as a more realistic alternative to bankruptcy for those who are struggling with high levels of debt. Once accepted onto an IVA, the average term is 60 months. During this IVA term you must commit to making a set reduced payment to your IVA. This will be distributed amongst your creditors who will write off any unpaid debt upon completion of an IVA.
An IVA is a legally binding contract between you and your unsecured creditors so it is essential that you continue to make the payments to your creditors so you do not have to risk bankruptcy.
Trust Deeds
Voluntary -A trust deed is a voluntary agreement between a debtor and their creditors (the people they owe money to) to repay part of what they owe. A trust deed transfers the debtors rights to the things that they own to a trustee who will sell them to pay creditors part of what is owed to them. A trust deed will normally include a contribution from income for a specified period, this is usually 36 months but can vary.
The trustee must be a qualified insolvency practitioner. Insolvency practitioners are regulated by law and must be members of an approved governing body. Independent Insolvency Practitioners fees are at their own and their licensing authority's discretion.
An ordinary trust deed is not binding on creditors unless they agree to its terms.
Protected -A protected trust deed is a special kind of trust deed that is binding on all creditors. Provided the debtor complies with the terms of their protected trust deed, the creditors can take no further action to pursue the debt or to make the debtor bankrupt.
A protected trust deed prevents the debtor from applying for their own bankruptcy or for a debt payment programme under the Debt Arrangement Scheme.
If a debtor aquires any new debts after they sign the trust deed, they will not be protected from action by ther new creditors.
Bankruptcy
Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full.
There is no right or wrong option to choose from, it all depends on your circumstances and what you owe - for example if you own a house, a car and other things that could be taken from you through bankruptcy, then that's not the right option for you and a debt reduction prrogramme would be more ideal. What is clear though, is that you must carefully weigh up your options and speak to a qualified trained advisor who can give you impartial advice. You must be careful about debt management companies
who are only in it for the money and won't care about you as an individual.
Go to: www.debtlinedirect.com for more information where an online forum/ chat room is avaliable to speak to the staff or other people just like you.
Ways to make sure you don't over-spend.
7 Ways To Make Sure You Don't Overspend
Do you have significant debts as a result of overspending? If you do, you are not alone. Modern society makes it particularly easy to spend more than we really should. However, if you want to clear your debts and have greater peace of mind, it is important to tackle the root cause which is overspending.
These are several tips to help avoid overspending.
1. Be aware of how much money you spend.
Many chronic spendaholics live in denial about how much they spend. If you realise how much you spend on various items, this alone may be sufficient to reduce your spending. For example, on a night out it is easy to spend much more than you think, especially if you pay for drinks and food on cards. – Quite often, friends think they must have lost some notes, because the money has disappeared so quickly. Often the problem is relatively cheap items, that we buy often: coffee, takeaways, mobile phones e.t.c. Go through your bank accounts, credit card statements and add up how much you spend on different items and decide whether you really want to spend that much money.
2. Avoid impulsive spending.
If you are in the habit of spending on impulse, make an effort to have a moment of reflection before buying anything. If you see something you would like to buy, try waiting a day before actually committing yourself to buying. If you really want it, you will come back. This also gives you the chance to find other things that may be better.
3. Don't spend time where it is easy to spend money
If we spend alot of time in certain places we will be drawn to spend money. This spending is mainly to relieve our boredom and not because we need to buy it. Therefore, don't spend every lunch break wandering around your favourite shops. Go to a garden or place where there is little temptation to spend all your money.
4. Have clear objectives when shopping.
Before going shopping have a clear objective of what you need to buy. This means that you will buy things because you need them, rather than because they "look nice". Don't go into the city centre without a clear objective.
5. Give items objective ratings.
Before purchasing any item give it an objective rating of how much you need and value it. If you are honest in your valuations you will think carefully about buying things which are less than 8 out of 10. It is good to combine this suggestion with leaving things a day. This means you will go back to buy the things you really need and value the most.
6. Avoid spending by habit.
Quite often a lot of our spending is a daily habit. However, this spending could easily be unnecessary. For example, if you buy a takeaway coffee everyday, why not invest in a coffee machine. Just because you spend £7 a day on lunch doesn't mean this habit has to continue for ever. Try taking your own lunch. Re-evaluate all your habitual spending patterns and decide whether it is necessary.
7. Give yourself strict income limits.
If you really have trouble controlling your spending it will be very effective to give yourself strict amounts of income per week. This will work most effectively with cash, because it is easier to monitor. If you learn to live on £50 per month, you will value money more and learn more frugal habits.
If you're struggling with your finances and need friendly free advice, log onto www.debtlinedirect.com, a community that people like you go to for help and advice.
Do you have significant debts as a result of overspending? If you do, you are not alone. Modern society makes it particularly easy to spend more than we really should. However, if you want to clear your debts and have greater peace of mind, it is important to tackle the root cause which is overspending.
These are several tips to help avoid overspending.
1. Be aware of how much money you spend.
Many chronic spendaholics live in denial about how much they spend. If you realise how much you spend on various items, this alone may be sufficient to reduce your spending. For example, on a night out it is easy to spend much more than you think, especially if you pay for drinks and food on cards. – Quite often, friends think they must have lost some notes, because the money has disappeared so quickly. Often the problem is relatively cheap items, that we buy often: coffee, takeaways, mobile phones e.t.c. Go through your bank accounts, credit card statements and add up how much you spend on different items and decide whether you really want to spend that much money.
2. Avoid impulsive spending.
If you are in the habit of spending on impulse, make an effort to have a moment of reflection before buying anything. If you see something you would like to buy, try waiting a day before actually committing yourself to buying. If you really want it, you will come back. This also gives you the chance to find other things that may be better.
3. Don't spend time where it is easy to spend money
If we spend alot of time in certain places we will be drawn to spend money. This spending is mainly to relieve our boredom and not because we need to buy it. Therefore, don't spend every lunch break wandering around your favourite shops. Go to a garden or place where there is little temptation to spend all your money.
4. Have clear objectives when shopping.
Before going shopping have a clear objective of what you need to buy. This means that you will buy things because you need them, rather than because they "look nice". Don't go into the city centre without a clear objective.
5. Give items objective ratings.
Before purchasing any item give it an objective rating of how much you need and value it. If you are honest in your valuations you will think carefully about buying things which are less than 8 out of 10. It is good to combine this suggestion with leaving things a day. This means you will go back to buy the things you really need and value the most.
6. Avoid spending by habit.
Quite often a lot of our spending is a daily habit. However, this spending could easily be unnecessary. For example, if you buy a takeaway coffee everyday, why not invest in a coffee machine. Just because you spend £7 a day on lunch doesn't mean this habit has to continue for ever. Try taking your own lunch. Re-evaluate all your habitual spending patterns and decide whether it is necessary.
7. Give yourself strict income limits.
If you really have trouble controlling your spending it will be very effective to give yourself strict amounts of income per week. This will work most effectively with cash, because it is easier to monitor. If you learn to live on £50 per month, you will value money more and learn more frugal habits.
If you're struggling with your finances and need friendly free advice, log onto www.debtlinedirect.com, a community that people like you go to for help and advice.
Ways in which to save money
10 WAYS TO REDUCE DEBT
Do you really need to pay off your bills and reduce your monthly outgoings? Some cuts in spending are relatively painless, like for example, switching your gas and electricity supplies. But, if you have done all these easy methods, and still need to save money, here a list of other more painful sacrifices.
1. Live With Your Parents / Relatives
Yes, you may get nagged for not tidying your room, but, it could be a small price to pay for saving up to £500 a month. Due to expensive house prices, the cost of mortgage repayments and rent can take a very high % of your income. Living on your own may give you greater independence and freedom, but, unfortunately it is tremendously expensive. If you can bite the bullet and spend some time living with your parents, you can save potentially thousands in lower rent and mortgage payments. This can enable you to save up for a deposit or pay off your mounting debt. Of course, this relies on your parents being willing and able to let you stay; but if it is an option it can make a big difference. No one likes having to tell their parents what time they will be getting back, but, is it worth paying £500 a month just for this freedom?
2. Cycle to Work
Transport costs in getting to work, can become a high % of our disposable income. We may feel transport is an indispensable part of our expenditure, But, if we work less than 10 miles away there is no reason why we cannot cycle to work. True, it is not so pleasant when it rains or when cars seem indifferent to our existence on the road. But, cycling has some great advantages – very low running costs, no taxes to pay. Cycling will keep us fit, without having to spend money or time going to the gym. In some cities you may even find that cycling to work can be quicker than driving or getting the bus.
3. Give up Drinking / Coffee
Have you ever made a new years resolution to stop drinking alcohol / coffee? We know it will be good for our physical and mental health, but, it is also very good for our financial health. Many people spend far more on drinking than they may realise. The costs add up and when we are enjoying ourselves, we don't keep a very accurate record. However, if you can stop, or at least cut down then you may be pleasantly surprised at the improvement in both our physical and financial health.
4. Cook For Yourself
A takeaway is quick and easy way to get food. But, the cost can soon add up. Even only 2 or 3 takeaways a week can soon add up to more than £30 a week, not forgetting the costs for lunch at work. It's not hard to buy a loaf of bread and some cheese/ham and make up your sarnies for the week rather than spending £2-5 a day at work's canteen! It also makes a big difference over the course of the year. As an added bonus, cooking for yourself is probably more healthy as well.
5. Tear up your Credit Cards
Credit cards make spending easy. With credit cards, you don't have to think about parting with money for another 6 weeks. It makes shopping painful. If you have no credit cards but have to go to a cash point and withdraw the money. It makes you think twice about parting with so much hard cash. It will make life a little more inconvenient but will make a big difference in saving money.
6. Don't Buy A TV
At the least you could cancel all the cable channels and make do with an old box style TV. What are you going to loose by getting rid of Cable. Endless repeats of old soap operas, very long commercials trying to sell you life insurance? Maybe this is not such a painful choice…
7. Sell Your Car
A car means freedom and independence. But, a car is also like a cash guzzler. It's not just petrol, insurance and tax, but the unexpected service bills which necessitate £1000s in repairs. There is life beyond the car; try getting rides from friends, public transport can be fun, and cycling will keep you fit. A car may seem indispensable, but if you get rid of it, you will find a way to get around it. Society used to function quite well before cars.
8. Mend Your Clothes
Rather than buy new clothes, why not repair old ones? Who knows, perhaps you will start a new trend for designer clothes, with patches sewn on. – Then again, maybe not.
9. Try the £3 a day Challenge
Could you survive on £3 a day? Admittedly this idea may not sound very pleasant. But, try it even for just one week. It will teach you to be very frugal. By having so little money, you will discover what is essential spending and what is not important.
10. Take a Holiday in your Back Garden.
Well, not literally your back garden; but, why spend £1000s of dollars travelling to exotic countries when you could have a good time in your own country? You will not only save money, but, also will not suffer from jetlag or have to worry about getting tropical diseases.
If you're struggling with your finances and need free debt advice then have a look at our site;
www.debtlinedirect.com
Do you really need to pay off your bills and reduce your monthly outgoings? Some cuts in spending are relatively painless, like for example, switching your gas and electricity supplies. But, if you have done all these easy methods, and still need to save money, here a list of other more painful sacrifices.
1. Live With Your Parents / Relatives
Yes, you may get nagged for not tidying your room, but, it could be a small price to pay for saving up to £500 a month. Due to expensive house prices, the cost of mortgage repayments and rent can take a very high % of your income. Living on your own may give you greater independence and freedom, but, unfortunately it is tremendously expensive. If you can bite the bullet and spend some time living with your parents, you can save potentially thousands in lower rent and mortgage payments. This can enable you to save up for a deposit or pay off your mounting debt. Of course, this relies on your parents being willing and able to let you stay; but if it is an option it can make a big difference. No one likes having to tell their parents what time they will be getting back, but, is it worth paying £500 a month just for this freedom?
2. Cycle to Work
Transport costs in getting to work, can become a high % of our disposable income. We may feel transport is an indispensable part of our expenditure, But, if we work less than 10 miles away there is no reason why we cannot cycle to work. True, it is not so pleasant when it rains or when cars seem indifferent to our existence on the road. But, cycling has some great advantages – very low running costs, no taxes to pay. Cycling will keep us fit, without having to spend money or time going to the gym. In some cities you may even find that cycling to work can be quicker than driving or getting the bus.
3. Give up Drinking / Coffee
Have you ever made a new years resolution to stop drinking alcohol / coffee? We know it will be good for our physical and mental health, but, it is also very good for our financial health. Many people spend far more on drinking than they may realise. The costs add up and when we are enjoying ourselves, we don't keep a very accurate record. However, if you can stop, or at least cut down then you may be pleasantly surprised at the improvement in both our physical and financial health.
4. Cook For Yourself
A takeaway is quick and easy way to get food. But, the cost can soon add up. Even only 2 or 3 takeaways a week can soon add up to more than £30 a week, not forgetting the costs for lunch at work. It's not hard to buy a loaf of bread and some cheese/ham and make up your sarnies for the week rather than spending £2-5 a day at work's canteen! It also makes a big difference over the course of the year. As an added bonus, cooking for yourself is probably more healthy as well.
5. Tear up your Credit Cards
Credit cards make spending easy. With credit cards, you don't have to think about parting with money for another 6 weeks. It makes shopping painful. If you have no credit cards but have to go to a cash point and withdraw the money. It makes you think twice about parting with so much hard cash. It will make life a little more inconvenient but will make a big difference in saving money.
6. Don't Buy A TV
At the least you could cancel all the cable channels and make do with an old box style TV. What are you going to loose by getting rid of Cable. Endless repeats of old soap operas, very long commercials trying to sell you life insurance? Maybe this is not such a painful choice…
7. Sell Your Car
A car means freedom and independence. But, a car is also like a cash guzzler. It's not just petrol, insurance and tax, but the unexpected service bills which necessitate £1000s in repairs. There is life beyond the car; try getting rides from friends, public transport can be fun, and cycling will keep you fit. A car may seem indispensable, but if you get rid of it, you will find a way to get around it. Society used to function quite well before cars.
8. Mend Your Clothes
Rather than buy new clothes, why not repair old ones? Who knows, perhaps you will start a new trend for designer clothes, with patches sewn on. – Then again, maybe not.
9. Try the £3 a day Challenge
Could you survive on £3 a day? Admittedly this idea may not sound very pleasant. But, try it even for just one week. It will teach you to be very frugal. By having so little money, you will discover what is essential spending and what is not important.
10. Take a Holiday in your Back Garden.
Well, not literally your back garden; but, why spend £1000s of dollars travelling to exotic countries when you could have a good time in your own country? You will not only save money, but, also will not suffer from jetlag or have to worry about getting tropical diseases.
If you're struggling with your finances and need free debt advice then have a look at our site;
www.debtlinedirect.com
DebtLine Direct - A debt consolidation and management company
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debt advisors,
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Debt Line Direct (www.debtlinedirect.com), are a recognised debt management company that have helped thousands take control of their debts and helped them to become totally debt-free.
The way we work is very different from other debt management companies because we are not driven by money whereby some debt companies simply only care about the sales coming in. We're unique because our friendly and trained staff have been in the same situation as you. That's right. WE'VE been there. So you can expect only the utmost respect and compassion and inpartial advice.
We help you get rid of your debts with various strategies. Our main one is to create a debt management plan which is to basically consolidate all your monthly repayments into one affordable payment each month. Once all the paperwork is signed we then also contact your creditors on your behalf making sure they will now leave you alone. If they do contact you after we get in touch with them, then simply hang up because by law they should not be ringing you once we step in.
We also offer other options such as an IVA, Trust Deeds and Bankruptcy. We take away your stress and strains by offering you a way out.
What's an IVA?
An IVA or an Individual Voluntary Arrangement, is set up by a licensed professional known as an Insolvency Practictioner - an IVA is a formal agreement made between an individual and his creditors, allowing the individual to make reduced payments toward the total amount of debt so a percentage of the total is paid off; after five years or so, the individuals debt will be classified as settled.
* An IVA is a legally binding agreement that exists between an individual and his creditors.
* It is set up to help those people who encounter financial difficulties in settling their debt, avoiding bankruptcy.
* The monthly payments that are specified in an IVA are based on the individuals disposable income.
* All outstanding debt is legally disregarded once the final payment is made.
* An IVA can cancel up to 75% of a persons outstanding debt, depending on his present financial circumstances.
* An IVA provides debtors a real solution to financial problems, ensuring that the debtor makes a single payment every month based on their income; once all agreed payments are made, the creditors are then prohibited by law from adding other charges or further interest to the debtor's account.
What's a Trust Deed?
What is a Deed of Trust?
If you have never read a deed of trust, you might have questions about it. After all, it is the security for your loan. It is the document that is recorded in the public records.
A deed of trust contains three parties:
* The Trustor, which is you, the borrower
* The Trustee, which is an entity that holds "bare or legal" title
* The Beneficiary, which is the lender
The deed of trust is an instrument that identifies the following:
* Original loan amount
* Legal description of the property being used as security for the mortgage
* The parties
* Inception and maturity date of the loan
* Provisions of the mortgage and requirements
* Late fees
* Legal procedures
* Acceleration and alienation clauses
* Riders, if any, regarding such clauses as prepayment penalities or terms of an adjustable rate mortgage
What is a Trustee?
Because mortgages do not contain a trustee, many borrowers are confused between a mortgage and a deed of trust. Deeds of trust contain a trustee, an independent third party that does not represent the borrower nor the lender.
* The trustee is an entity, generally a title company, that holds the "Power of Sale" in the event of default.
* The trustee also reconveys the property once the deed of trust is paid in full.
* In the event of a default, the trustee files a Notice of Default; however, in most instances, the trustee will substitute another trustee to handle the foreclosure under a Substitution of Trustee.
* After the 90-day period in the public records, and a 21-day publication period in the newspaper, the trustee then has the power to sell the property on the courthouse steps without a court procedure.
* During the three months following recordation of the Notice of Default, the borrower can redeem the property by making up the back payments and paying the trustee's fees.
* Once the trustee sells the property at a Trustee's sale, it is fina
What's Bankruptcy?
How to go bankrupt:
Before you take any action to apply for your own bankruptcy, you should seek expert advice about bankruptcy and the other options available to you. The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt.
Declaring yourself bankrupt:
First, you will need to complete the following forms. You can get the forms, free of charge, from a local court that deals with bankruptcy. You can also complete the forms on-line at The Insolvency Service's website.
* The petition (Insolvency Rules 1986 form 6.27) - this form is your request to the Court for you to be made bankrupt and includes the reasons for your request.
* The statement of affairs (Insolvency Rules 1986 form 6.28) - this form shows all your assets (anything that belongs to you that may be used to pay your debts) and all your debts, including the names and addresses of the creditors and the amount you owe each one. The form contains a declaration of insolvency that you will need to swear on oath before an officer of the court or a solicitor. You may have to pay an extra fee for this.
You can complete both of the above forms online via The Insolvency Service's Online Forms Service. This is an interactive internet service which can be accessed at a time and location that is convenient to you via The Insolvency Service's website,
The Online Forms Service is easy to use and provides assistance to allow you to complete the forms on your own. There is also a dedicated enquiry line telephone number and e-mail address if you require additional guidance in completing the forms. The Online Forms Service allows you to save and retrieve partially completed forms, with the ability to edit previously saved information.
A secure database then captures the information you provide in the forms. This information is automatically deleted if you do not present your bankruptcy petition to the Court within six months, but if a bankruptcy order is made the information is made available to The Insolvency Service. This may reduce the need for the Official Receiver to ask you for additional information.
Once you have completed the forms you will need to print them and take them to court.
If you do not use the Online Forms Service you should complete the petition and statement of affairs forms in capital letters, using black ink. Court staff can only advise you on the court procedure and give you the forms you need. They cannot give you legal advice.
If you are dealing with a county court, the court will need the completed forms and 2 copies of each before it can accept your petition for bankruptcy. If you are taking your petition to the High Court, you won't need any extra copies. When you have completed both forms, and printed the forms if you have used the Online Forms Service, signed and dated the bottom of every page, and have the fees ready, you can go to the court and ask for your petition to be dealt with.
NB: If you are, or were, running a business in partnership (even if there is no formal partnership agreement) and all the partners want to be made bankrupt, you will need different petition and statement of affairs forms. These are available from your local court.
Do you want up to 70% of your debts wiped off and interest and charges frozen? Why struggle yourself to deal with nasty creditor's demands and end up stressed and worried? Here at Debt Line Direct, our ethos is to help people regain control of their lives by taking control of their money issues. We have a friendly and trained team ready to take your query 24 " 7. Some of us have even been in the predicament of being in debt, that's why WE are the recommended debt company by thousands!
The way we work is very different from other debt management companies because we are not driven by money whereby some debt companies simply only care about the sales coming in. We're unique because our friendly and trained staff have been in the same situation as you. That's right. WE'VE been there. So you can expect only the utmost respect and compassion and inpartial advice.
We help you get rid of your debts with various strategies. Our main one is to create a debt management plan which is to basically consolidate all your monthly repayments into one affordable payment each month. Once all the paperwork is signed we then also contact your creditors on your behalf making sure they will now leave you alone. If they do contact you after we get in touch with them, then simply hang up because by law they should not be ringing you once we step in.
We also offer other options such as an IVA, Trust Deeds and Bankruptcy. We take away your stress and strains by offering you a way out.
What's an IVA?
An IVA or an Individual Voluntary Arrangement, is set up by a licensed professional known as an Insolvency Practictioner - an IVA is a formal agreement made between an individual and his creditors, allowing the individual to make reduced payments toward the total amount of debt so a percentage of the total is paid off; after five years or so, the individuals debt will be classified as settled.
* An IVA is a legally binding agreement that exists between an individual and his creditors.
* It is set up to help those people who encounter financial difficulties in settling their debt, avoiding bankruptcy.
* The monthly payments that are specified in an IVA are based on the individuals disposable income.
* All outstanding debt is legally disregarded once the final payment is made.
* An IVA can cancel up to 75% of a persons outstanding debt, depending on his present financial circumstances.
* An IVA provides debtors a real solution to financial problems, ensuring that the debtor makes a single payment every month based on their income; once all agreed payments are made, the creditors are then prohibited by law from adding other charges or further interest to the debtor's account.
What's a Trust Deed?
What is a Deed of Trust?
If you have never read a deed of trust, you might have questions about it. After all, it is the security for your loan. It is the document that is recorded in the public records.
A deed of trust contains three parties:
* The Trustor, which is you, the borrower
* The Trustee, which is an entity that holds "bare or legal" title
* The Beneficiary, which is the lender
The deed of trust is an instrument that identifies the following:
* Original loan amount
* Legal description of the property being used as security for the mortgage
* The parties
* Inception and maturity date of the loan
* Provisions of the mortgage and requirements
* Late fees
* Legal procedures
* Acceleration and alienation clauses
* Riders, if any, regarding such clauses as prepayment penalities or terms of an adjustable rate mortgage
What is a Trustee?
Because mortgages do not contain a trustee, many borrowers are confused between a mortgage and a deed of trust. Deeds of trust contain a trustee, an independent third party that does not represent the borrower nor the lender.
* The trustee is an entity, generally a title company, that holds the "Power of Sale" in the event of default.
* The trustee also reconveys the property once the deed of trust is paid in full.
* In the event of a default, the trustee files a Notice of Default; however, in most instances, the trustee will substitute another trustee to handle the foreclosure under a Substitution of Trustee.
* After the 90-day period in the public records, and a 21-day publication period in the newspaper, the trustee then has the power to sell the property on the courthouse steps without a court procedure.
* During the three months following recordation of the Notice of Default, the borrower can redeem the property by making up the back payments and paying the trustee's fees.
* Once the trustee sells the property at a Trustee's sale, it is fina
What's Bankruptcy?
How to go bankrupt:
Before you take any action to apply for your own bankruptcy, you should seek expert advice about bankruptcy and the other options available to you. The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt.
Declaring yourself bankrupt:
First, you will need to complete the following forms. You can get the forms, free of charge, from a local court that deals with bankruptcy. You can also complete the forms on-line at The Insolvency Service's website.
* The petition (Insolvency Rules 1986 form 6.27) - this form is your request to the Court for you to be made bankrupt and includes the reasons for your request.
* The statement of affairs (Insolvency Rules 1986 form 6.28) - this form shows all your assets (anything that belongs to you that may be used to pay your debts) and all your debts, including the names and addresses of the creditors and the amount you owe each one. The form contains a declaration of insolvency that you will need to swear on oath before an officer of the court or a solicitor. You may have to pay an extra fee for this.
You can complete both of the above forms online via The Insolvency Service's Online Forms Service. This is an interactive internet service which can be accessed at a time and location that is convenient to you via The Insolvency Service's website,
The Online Forms Service is easy to use and provides assistance to allow you to complete the forms on your own. There is also a dedicated enquiry line telephone number and e-mail address if you require additional guidance in completing the forms. The Online Forms Service allows you to save and retrieve partially completed forms, with the ability to edit previously saved information.
A secure database then captures the information you provide in the forms. This information is automatically deleted if you do not present your bankruptcy petition to the Court within six months, but if a bankruptcy order is made the information is made available to The Insolvency Service. This may reduce the need for the Official Receiver to ask you for additional information.
Once you have completed the forms you will need to print them and take them to court.
If you do not use the Online Forms Service you should complete the petition and statement of affairs forms in capital letters, using black ink. Court staff can only advise you on the court procedure and give you the forms you need. They cannot give you legal advice.
If you are dealing with a county court, the court will need the completed forms and 2 copies of each before it can accept your petition for bankruptcy. If you are taking your petition to the High Court, you won't need any extra copies. When you have completed both forms, and printed the forms if you have used the Online Forms Service, signed and dated the bottom of every page, and have the fees ready, you can go to the court and ask for your petition to be dealt with.
NB: If you are, or were, running a business in partnership (even if there is no formal partnership agreement) and all the partners want to be made bankrupt, you will need different petition and statement of affairs forms. These are available from your local court.
Do you want up to 70% of your debts wiped off and interest and charges frozen? Why struggle yourself to deal with nasty creditor's demands and end up stressed and worried? Here at Debt Line Direct, our ethos is to help people regain control of their lives by taking control of their money issues. We have a friendly and trained team ready to take your query 24 " 7. Some of us have even been in the predicament of being in debt, that's why WE are the recommended debt company by thousands!
How to manage your debt
Debt overload has become quite common over the years. Many people are taking on more credit card debt than they can handle, or their circumstances are changing in a way that makes debt that was once manageable hard to repay. Does this sound familiar?
Why are so many people in too much debt?
Sometimes people end up in too much debt through no fault of their own. They may incur debt sensibly, but lose their jobs or become ill and unable to work. Unless they can find some way to bring their income back to the level that it was at, they could find themselves saddled with debt that they can no longer afford.
Another reason that people end up over their heads in debt is poor financial management. Credit card companies are often willing to extend credit that the borrower may not make enough money to pay back. And an increasing number of people keep multiple credit cards, which essentially multiplies their debt. Although they may be able to keep up with the minimum payments, interest keeps them in debt for many years.
How to keep your debt manageable
The best way to keep control over your debt is to not let it get out of hand in the first place. Shop around for the best possible interest rates, and keep your open accounts to a minimum. No one needs a pocketful of credit cards. One or two should be plenty.
When paying back your debt, making more than the minimum payment will prevent interest from accruing. The best thing to do is pay the balance in full each month. This will keep your credit in good shape and save you lots of money. If something comes up and you need to charge more than you can pay back in a month, stop charging until the balance is paid off.
How to get out of debt
If you're already in more debt than you can handle, all is not lost. It takes discipline, but you can get yourself out of debt on your own in most cases. The key is realising that there is a problem before it is too late.
When you realise your debt is out of control, the first thing to do is stop taking on new debt. Then it's time to work out a budget, and start putting all of the money you can into paying off your debts. You'll need to at least make the minimum payment on everything each month, but what works best for most people is putting all of their extra money toward one debt until it's paid off, and then moving on to the next. Paying debts off in the order of highest to lowest interest is the least expensive course of action.
If you've tried to manage your debts on your own but are having trouble coming up with any extra money to put toward them, or even enough to make the minimum payment, you may need some assistance. Talk to your creditors. They may be willing to reduce your interest and payments if you tell them about your situation. If that doesn't work, credit counseling and debt consolidation are options. Bankruptcy is also an option, but it should be the last resort. It is often possible to get things under control without filing bankruptcy.
Getting into too much debt can be a scary thing. But it is often possible to regain control on your own. If not, help is available. Don't be afraid to seek it out.
DebtLineDirect - A debt management company that cares about YOUR needs. We offer tailored made solutions to suit you - a debt management plan? IVA? Trust Deed? Bankruptcy?
You tell US what you need and we'll do all the leg work for you.
Why are so many people in too much debt?
Sometimes people end up in too much debt through no fault of their own. They may incur debt sensibly, but lose their jobs or become ill and unable to work. Unless they can find some way to bring their income back to the level that it was at, they could find themselves saddled with debt that they can no longer afford.
Another reason that people end up over their heads in debt is poor financial management. Credit card companies are often willing to extend credit that the borrower may not make enough money to pay back. And an increasing number of people keep multiple credit cards, which essentially multiplies their debt. Although they may be able to keep up with the minimum payments, interest keeps them in debt for many years.
How to keep your debt manageable
The best way to keep control over your debt is to not let it get out of hand in the first place. Shop around for the best possible interest rates, and keep your open accounts to a minimum. No one needs a pocketful of credit cards. One or two should be plenty.
When paying back your debt, making more than the minimum payment will prevent interest from accruing. The best thing to do is pay the balance in full each month. This will keep your credit in good shape and save you lots of money. If something comes up and you need to charge more than you can pay back in a month, stop charging until the balance is paid off.
How to get out of debt
If you're already in more debt than you can handle, all is not lost. It takes discipline, but you can get yourself out of debt on your own in most cases. The key is realising that there is a problem before it is too late.
When you realise your debt is out of control, the first thing to do is stop taking on new debt. Then it's time to work out a budget, and start putting all of the money you can into paying off your debts. You'll need to at least make the minimum payment on everything each month, but what works best for most people is putting all of their extra money toward one debt until it's paid off, and then moving on to the next. Paying debts off in the order of highest to lowest interest is the least expensive course of action.
If you've tried to manage your debts on your own but are having trouble coming up with any extra money to put toward them, or even enough to make the minimum payment, you may need some assistance. Talk to your creditors. They may be willing to reduce your interest and payments if you tell them about your situation. If that doesn't work, credit counseling and debt consolidation are options. Bankruptcy is also an option, but it should be the last resort. It is often possible to get things under control without filing bankruptcy.
Getting into too much debt can be a scary thing. But it is often possible to regain control on your own. If not, help is available. Don't be afraid to seek it out.
DebtLineDirect - A debt management company that cares about YOUR needs. We offer tailored made solutions to suit you - a debt management plan? IVA? Trust Deed? Bankruptcy?
You tell US what you need and we'll do all the leg work for you.
How can I reduce my debt?
Top 10 Tips for Reducing and Eliminating Debt
1. Don't ignore your debt problem in the hope it will disappear
It is a mistake to try and forget or ignore the problem of debt. It may seem unmanageable, but if you take a clear and focused attitude you can regain control and work out how to best manage the existing debt.
2. Always try to meet minimum payments
It is very important to maintain the best possible credit rating. Therefore, it is important to make minimum payments on time. If it is a real problem, speak to your loan company and explain the situation. At least, you may be able to miss a payment, with less damage to credit rating.
3. Debt consolidation
There are various ways to consolidate debt. However, the basic rule is to try and pay off debts with the highest interest rate first. It may be possible to consolidate high interest debts into a lower interest debt. If possible, this avenue should be explored. If you own a house, you will be able to have a secured debt consolidation; this will have a lower interest, but at the same time, means your house is liable to repossession should you fail to meet debt payments.
4. Debt counselling
If you find your debt very stressful and you don't know how to manage, it is advisable to speak to an independent debt adviser. A good debt counsellor will be able to look at the problem with less emotion and more detachment; with their experience they will be able to suggest various options to reduce and eliminate debt. Often an independent counsellor may be more appropriate than friends and families as there is less emotional attachment.
5. Debt Settlement
This is a potential solution for those with very large unsecured debts. It is a solution with debt settlement companies find an agreement to reduce your debt. They negotiate with your creditors to pay upto 50% less than your total debt. The debt is then said to the "settled in full" . There are potential drawbacks of debt settlement, for example, it will have some impact on your credit rating It is not something to be entered into lightly, however, it can be a much better alternative to bankruptcy.
6. Increase Income
A second job is a way to be able to save extra money. This can be used to actually reduce your total debt, rather than just adding to your debt. In the long term you will save twice; not only will you benefit from reducing your debt, you will also save on interest payments.
7. Reduce Spending.
If we look closely at our spending, we may be surprised at where our money goes. For example, the US TV programme, big spenders, showed in graphic fashion how much people were spending on inessential items. One girl, was spending £2,000 a year on take away coffee and pastries. In the majority of cases, those with large debts seriously underestimated the amount they spend on certain things. If you make yourself write down what you spend your money on in a week, you may be surprised at where you can easily make savings. Not only that, but people found they were much happier for reducing inessential spending.
8. Don't Panic!
Why is the Hitchhikers Guide to the Galaxy the best selling book in the universe? Because it has in bold letter on the front the reassuring phrase "DON'T PANIC" When we panic we magnify our problems, and take a negative attitude that the problem is insolvable. This is not the case, if we are determined to improve our situation, we can start to make a dent into our debt problems.
9. Remortgage
For those who are home owners, remortgaging enables a consolidation of debts into a low interest loan (mortgage). This is a good option; however, you need to be careful you can meet the repayments. A fixed rate mortgage may be a good idea to make planning easier.
10. 0% Credit Cards.
If your credit rating enable you to take out new credit cards, take advantage of cards which give the option to transfer large amounts of debt to a 0% or low interest bearing card. If some credit card companies refuse you, don't give up. Keep trying, some credit cards accept worse credit ratings than others.
If you're struggling with your debt and creditor's demands, log onto DebtLine Direct, fill out a form that will take no more than two minutes and let us give you a call and help you take control of your finances.
We know, only too well, how it feels being in debt. 90% of the people who work here have been through some kind of debt or financial struggle in their lives. It's not easy. Let's make it easy now.
1. Don't ignore your debt problem in the hope it will disappear
It is a mistake to try and forget or ignore the problem of debt. It may seem unmanageable, but if you take a clear and focused attitude you can regain control and work out how to best manage the existing debt.
2. Always try to meet minimum payments
It is very important to maintain the best possible credit rating. Therefore, it is important to make minimum payments on time. If it is a real problem, speak to your loan company and explain the situation. At least, you may be able to miss a payment, with less damage to credit rating.
3. Debt consolidation
There are various ways to consolidate debt. However, the basic rule is to try and pay off debts with the highest interest rate first. It may be possible to consolidate high interest debts into a lower interest debt. If possible, this avenue should be explored. If you own a house, you will be able to have a secured debt consolidation; this will have a lower interest, but at the same time, means your house is liable to repossession should you fail to meet debt payments.
4. Debt counselling
If you find your debt very stressful and you don't know how to manage, it is advisable to speak to an independent debt adviser. A good debt counsellor will be able to look at the problem with less emotion and more detachment; with their experience they will be able to suggest various options to reduce and eliminate debt. Often an independent counsellor may be more appropriate than friends and families as there is less emotional attachment.
5. Debt Settlement
This is a potential solution for those with very large unsecured debts. It is a solution with debt settlement companies find an agreement to reduce your debt. They negotiate with your creditors to pay upto 50% less than your total debt. The debt is then said to the "settled in full" . There are potential drawbacks of debt settlement, for example, it will have some impact on your credit rating It is not something to be entered into lightly, however, it can be a much better alternative to bankruptcy.
6. Increase Income
A second job is a way to be able to save extra money. This can be used to actually reduce your total debt, rather than just adding to your debt. In the long term you will save twice; not only will you benefit from reducing your debt, you will also save on interest payments.
7. Reduce Spending.
If we look closely at our spending, we may be surprised at where our money goes. For example, the US TV programme, big spenders, showed in graphic fashion how much people were spending on inessential items. One girl, was spending £2,000 a year on take away coffee and pastries. In the majority of cases, those with large debts seriously underestimated the amount they spend on certain things. If you make yourself write down what you spend your money on in a week, you may be surprised at where you can easily make savings. Not only that, but people found they were much happier for reducing inessential spending.
8. Don't Panic!
Why is the Hitchhikers Guide to the Galaxy the best selling book in the universe? Because it has in bold letter on the front the reassuring phrase "DON'T PANIC" When we panic we magnify our problems, and take a negative attitude that the problem is insolvable. This is not the case, if we are determined to improve our situation, we can start to make a dent into our debt problems.
9. Remortgage
For those who are home owners, remortgaging enables a consolidation of debts into a low interest loan (mortgage). This is a good option; however, you need to be careful you can meet the repayments. A fixed rate mortgage may be a good idea to make planning easier.
10. 0% Credit Cards.
If your credit rating enable you to take out new credit cards, take advantage of cards which give the option to transfer large amounts of debt to a 0% or low interest bearing card. If some credit card companies refuse you, don't give up. Keep trying, some credit cards accept worse credit ratings than others.
If you're struggling with your debt and creditor's demands, log onto DebtLine Direct, fill out a form that will take no more than two minutes and let us give you a call and help you take control of your finances.
We know, only too well, how it feels being in debt. 90% of the people who work here have been through some kind of debt or financial struggle in their lives. It's not easy. Let's make it easy now.
Why is an IVA good? Why is an IVA bad?
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IVA Pros & Cons
The Pros:
- There isn't the stigma or publicity that accompanies bankruptcy.
- A business can continue to trade and generate income.
- The debtor, via the insolvency practitioner, is involved in the choice of assets made available to the creditors since the arrangement is designed to suit the debtor's situation. All this is providing the creditors are no worse off than if bankruptcy had taken place.
- Administration costs should be lower than bankruptcy, enabling higher payments for creditors.
- Creditors can still claim tax relief against bad debts just as with bankruptcy.
- Creditors who vote against the IVA are still bound by it as long as 75% of the creditors in terms of the amount owed agree to it.
- Creditors likely to recognise that they must accept less than all the money owed.
- The debtor does not suffer from the same restrictions as those imposed on bankrupts. For example, a debtor can still be a company director, in the armed forces, hold public office, retain their professional status or trade under a business name.
- The debtor is able to operate a normal current account, as long as it does not have an overdraft facility.
The Cons:
- Usually only suitable if the debtor has unsecured debts of at least £15,000.
- To gain approval, creditors representing at least 75% of the value of the money owed, as well as a simple majority, must agree to the proposed arrangement.
- IVAs usually last for five years and payments are typically higher.
- The home and assets of the debtor can still be at risk if the creditors decide not to exclude them.
- Should the IVA fail, the debtor can still be made bankrupt. If this happens, the costs of the IVA will be added to the debts.
- The insolvency practitioner will closely supervise the debtor.
- All IVAs are recorded in a public register and will almost automatically appear on your credit file. This could affect any future applications for credit.
- If you have the qualifying asets and/or avaialbel income you can end up paying back everything you owe your creditors PLUS allt he costs related to the setting up and administration of the IVA PLUS statutory interest.
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