14 Jul 11 Are you eligible for debt relief order?
A debt relief order is an order which people in the UK, who are not able to pay their debts can apply for. These orders are granted through the Insolvency Service, and will cost consumers less money than filing for bankruptcy. A debt relief order will usually remain open for one year; during that time period, no creditors which you owe money to are able to file any actions against you for non-payment. Once the year is over, the debtor will be relieved of all debts which are listed in the debt relief order.
So, who can apply for a debt relief order, what are the requirements, and how will it help you get out of debt? To be eligible to apply for a debt relief order, an individual must not own anything of value or have savings amounting to more than £300, and if they own a vehicle, it must be valued at below £1000. To apply for a debt relief order, it is required to go through an authorised adviser who sees whether or not you are eligible for the order. It costs £90 which can be paid in installment payments over a period of six months.
So, the basic requirements to apply for the order are: the individual must have qualyfing debts of £15,000 or less; they must have spare income of £50 or less after paying all monthly bills; they must have lived (or have proeprty) for the past three years in England or Wales; and, their assets (and any saving accounts) must be £300 or less. The kinds of debts which are considered qualifying include: credit card debts, loans, rent, utilities, phone bills, hire purchase or conditional sales agreements, or buy now-pay later agreements also qualify.
So if you are eligible for a debt relief order, have hired the authorised adviser, and paid the £90 for the order, the one year period which you are not liable to your creditors for non-payments will start up. This is a great opportunity if you are facing financial hardships, and contemplating filing for bankruptcy. It is a cheaper process, and will not harm your personal credit rating in the way that a bankruptcy proceeding will damage your credit.
10 Sep 10 Need to Get Out of Debt Fast?
Many people spend a good portion of their lives buried under a mountain of debt. The sad fact is that a lot of people in their earlier days do not pay much attention to their credit believing that it will not be a problem for them if they have poor credit relations. However, as they grow older and find they need to begin using credit to improve their living conditions they discover that few people are willing to risk their money on the ambitions of individual’s who have 
spotty repayment history. The secret to living your dreams then, is to get out of debt fast. There are two primary methods for quick debt relief. This methods to get out of debt fast that are most effective are debt consolidation and settlement.
Debt consolidation is one of the easiest ways to get out of debt quickly. This process involves taking out a loan from an agreeable lender and paying off the older debts. Acquiring these loans is fairly easy. The main requirement for them is that the individual will need to have some form of employment which is capable of supporting the loan repayment. Typically, however, it is much less expensive to make a singular consolidated debt payment each month than it will be to pay individual debts one by one. Outside of the lower cost of repayment for these loans there is also the simplicity of repayment. Without the need to pay a dozen debts each month making certain the debt is repaid will be much easier.
Debt settlement is another quick method to get out of debt. This method involves either personal negotiation or the hiring of a negotiator to lower overall debts owed. Many creditors will accept a smaller amount of money than what is owed in one lump sum simply to remove an account from their books. Generally, this is easier with credit card debt since much of that sort of debt will be interest. Typically 10% – 50% of credit card debt can be removed in this manner.
The best overall way to get out of debt will be to combine both consolidation and settlement efforts to allow the borrower to maximize their financial power. This will allow for the overall debt to be repaid in a timely manner and often at a reduced cost. If you desire to get out of debt fast then combined efforts in consolidation and settlement negotiations can make it happen today!
Consumer Debt Feed
- Get the best IVA advice
- Are you eligible for debt relief order?
- Teach Yourself How To Manage Your Debts Successfully
- Live A Debt Free Life With Consumer Debt UK
- Consumer Debt Uk
- Consumer debt is growing in the UK
- Consumer debt UK
- Simple Ways To Avoid Debt Collections At Home
- Save Time with Our Debt Solutions
- Reducing National Debt Means Cutting Entitlement Programs