A statutory demand is a warning given to someone that they have 21 days in which to pay a debt, following which period proceedings for bankruptcy may ensue. This is rather like a warning shot across the bows as far as a creditor and their solicitor are concerned and is often very effective. The average debtor will be eager to pay up once they have been familiarised with the possible consequences of not doing so. Read more...
Payment Protection Insurance (PPI) is a mechanism used by the banking industry when issuing loans to their customers to cover the debt repayments. The PPI is designed to insure the consumer that in the event of loss of income through redundancy, illness etc their loan repayments are met and they are protected. Read more...
If you are a property owner and you have defaulted on your credit card or personal loan repayments, your credit card or loan company can secure this debt against your property.
Read more...
Part V of the Tribunals, Courts and Enforcement Act 2007 and the Insolvency Act 1986 gives an applicant the right to apply for a debt relief order (‘DRO’). Read more...
Moneysupermarket.com recently revealed the total level of personal debt in the UK amounts to more than £1,460 billion. Meanwhile, the Office of Fair Trading has estimated that over £16,000 an hour is generated as profit by the high interest rates lending sector.
Read more...
A common mistake our clients make is looking for a low interest loan to pay of existing debts without checking their entiitlement to an interest free Budgeting Loan from the social fund.
Read more...