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Questions and Answers About Debt

Bankruptcy Questions and Answers

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What Are The Different Ways You Can Pay Off a Mortgage?: Capital & Interest - otherwise known as a repayment loan. The borrower pays an amount each month to cover the amount borrowed and the interest charged on that.
Is There Any Way I Can Lower My Monthly Repayments Without Switching Mortgages?: If you find that you cannot afford your monthly mortgage repayments and do not wish to switch your mortgage to another lender – then you will need to negotiate new terms with your existing lender.
What is a Fixed Rate Mortgage?: A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
What Are ISA Mortgages?: If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
What if I have mortgage arrears?: If you have mortgage payments that have not been made by the due date in accordance with the mortgage deeds, you will have gained a bad credit history on your credit report. This may hinder you when trying to obtain further credit such as a credit card, loan, or another mortgage.

How long will my Bankruptcy last?
How much will I have to pay each month?
Do all my creditors have to agree to my Bankruptcy?
Will the phone calls and threatening letters from my creditors stop?
If I have am Bankrupt, can I continue to run my business?
How much will my Bankruptcy cost?
Who has to know about my Bankruptcy?
Will I have to take time off work to organise my Bankruptcy?
If I become Bankrupt will I lose my house?
Whilst I'm Bankrupt, can I apply for more credit?

IVA Questions and Answers

How long will my IVA last?
How much will I have to pay each month?
Do all my creditors have to agree to my IVA?
Do I have to go through a credit check before you will agree to organise my IVA?
Will the phone calls and threatening letters from my creditors stop?
What happens if I miss a monthly payment on my IVA?
Can you help to deal with my creditors?
If I have an IVA, can I continue to run my business?
Why would a creditor that I owe money to agree to my IVA? Will they lose money?
Will someone help me whilst my IVA is in place?
Is an IVA right for me?
How much will my IVA cost?
How much will I owe?
Who has to know about my IVA?
Will I have to take time off work to organise my IVA?
If I have an IVA, will I lose my house?
Whilst I'm on my IVA, can I apply for more credit?

Debt Management Questions and Answers

How long will my Debt Management Plan last?
What happens if my financial position changes?
Do all my creditors have to agree to my Debt Management Plan?
Do I have to go through a credit check before you will agree to organise my Debt management Plan?
Will the phone calls and threatening letters I get from my creditors stop?
Can I stop my Debt Management Plan?
How much will I owe?
Can you help to deal with my creditors?
What information will I get from my Debt Advisor as my Plan progresses?
What happens if I get paid weekly, fortnightly or four weekly?
Why would a creditor that I owe money to agree to this? Will they lose money?
Will someone help me whilst the Debt Management Plan is in place?
Is a Debt Management Plan right for me?
How much will a Debt Management Plan cost?

Trust Deeds Questions and Answers

How much will my Trust Deed cost?
How long will my Trust Deed last?
What does it mean when a Trust Deed is "Protected"?
How much will I pay each month?
Do I have to go through a credit check before you will agree to organise my Trust Deed?
Will the threatening letters and phone calls from my creditors stop?
What happens if I miss a monthly payment on my Trust Deed?
Can you help to deal with my creditors?
If I have a Trust Deed, can I still run my business?
Will someone guide me whilst my Trust Deed is in place?
How much will I owe?
Who has to know about my IVA?
If I have a Trust Deed, will I lose my house?
Whilst my Trust Deed applies, can I apply for more credit?