It is a court- based insolvency procedure which allows you to pay off all of your debt(s) in full or partially on a clearly defined basis.  You may apply for such an Order if you strictly meet the necessary criteria or if the County Court sees fit to order one. What is/are the criterion for

A DRO is classed as a formal insolvency procedure aimed at low income individuals, who have no assets, cannot pay their debts and are unlikely to get out of debt as there is little possibility that their financial situation will improve.  So mostly for people who are on benefits, who are likely to remain so

What exactly is a Debt Management Plan? Debt Management Plans (DMP) are informal agreements between you and your creditors. They are not legally binding and therefore your creditors can withdraw from the plan at any time if you default with your payments but it is not normally in their best interests to do so. A

An IVA is a formal insolvency procedure which seeks to offer debt forgiveness, therefore you (the Debtor) makes a formal offer to his/her creditors in Full and Final settlement of your debts. Under current English insolvency legislation, only a licensed Insolvency Practitioner (IP) can act as a Nominee and then Supervisor of an IVA. The

Struggling to pay your bills ENTRY INTO BANKRUPTCY There are two ways in which one can be made Bankrupt. Either upon a Creditors’ Petition or upon a Debtor’s Petition. A Creditors’ Petition is made when a creditor files a petition for your Bankruptcy, and similarly, a Debtor’s Petition is made when one petitions for their own Bankruptcy. Breathe

If you are in debt, what you do now will help you to get out of debt; it could be as simple as Debt Counselling with a Breathe Financial consultant.  However, if you are in too much debt there are a few things that you should NOT do or STOP doing immediately. Here is a

Ok, no one likes to hear it, but there are times in your life when the only sensible solution to your financial woes are that you will need to trim the fat, this means, try to figure out ways to cut your yearly, monthly, and daily expenditures.  If you continue to spend money like you