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Debt Management UK - Bankruptcy UK


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Government Debt Help
  Debt Relief Order (DRO) – Government Legislation
  Individual Voluntary Arrangement (IVA) – Government Legislation
  Bankruptcy – Government Legislation
  Scottish Trust Deed (STD) – Government Legislation
  Fast Track Voluntary Arrangement (FTVA)
  Company Voluntary Arrangement (CVA)
  Debt Management Plan (DMP) – Government backed scheme

Government Debt Help

The UK Government has put together debt help schemes to help people resolve their debt problems and become debt free. These government backed debt schemes are completely legal and thousands of people undertake them every month.

The Department for Constitutional Affairs wrote a paper in 2004 which aimed to seek views on options to help deal with the problem ofpeople in multiple debt. It recognised proposals for providing better help to the ‘can’t pay’ and ‘can pay’ groups.By Law you should only be paying what you can reasonably afford to pay each month.

Individual Voluntary Arrangement (IVA) – Government Legislation

Individual Voluntary Arrangements (IVA’s) form part of the Insolvency Act of 1986 – an IVA is designed as a government backed alternative to bankruptcy to help people with high levels of unsecured debt.

More about Individual Voluntary Arrangements


Bankruptcy – Government Legislation

Bankruptcy in England and Wales is governed by Part IX of the Insolvency Act 1986 and by the Insolvency Rules 1986. Bankruptcy is a Government backed scheme. You can self petition (make yourself Bankrupt) or be petitioned for bankruptcy (A debtor files for your bankruptcy). Once you are declared Bankrupt all your debts are written off under the insolvency act and normally you are discharged from your bankruptcy 12 months later depending on your individual circumstances.

More about Bankruptcy


Protected Trust Deed (PTD) – Government Legislation

A trust deed is a Government approved scheme, which was passed as part of the 1985 Bankruptcy Scotland Act, which enabled Scottish residents to enter into a trust deed which would see them significantly reduce their debts after a 36 month repayment period.

Scottish residents entering into a Trust Deed usually only pay back part of the money they owe to their creditors, with the remaining balance wiped clear at the end of the 36 months.

More about Scottish Trust Deeds


Fast Track Voluntary Arrangement (FTVA)

The Enterprise Act 2002 introduced a new streamlined government backed IVA scheme called aFast Track Voluntary Arrangement (FTVA) that assists in the arrangement of IVAs after a bankruptcy order has been made.

The basis of an FTVA is that the creditors will receive additional money that would not be available in a bankruptcy e.g. the inclusion of other funds or aprolongedphase of contributions from income.

More about Fast Track Voluntary Arrangements


Company Voluntary Arrangement (CVA):

A Company Voluntary Arrangement (CVA) is a well known government approved insolvency rescue solution and has been part of UK law since 1986. Frequently companies survive cash flow problems or creditor action to wind up, and prosper in the future after going down the CVA route.

More about Company Voluntary Arrangements


Debt Management Plan (DMP) – Government backed scheme:

A debt management plan is aninformal agreement between a debtor and one or more creditors. Debt Management Plans help reduce most unsecured debts at a reduced payment figure over a fixed period of time that helps you regain control of your finances.

A government approved Debt Management Plan is individually tailored based on what can be realistically afforded on a monthly basis, not what creditors demand. The government approves Debt Management Plans, however they do not administrate them for you.

By Law you should only be paying what you can reasonably afford to pay each month.

More about Debt Management Plans

Debt Relief Order (DRO) – Government Legislation

A Government Debt Relief Order (DRO) is an individual insolvency procedure that came into force on 6 April 2009, introduced by the Tribunals, Courts and Enforcement Act 2007. Debt Relief Orders were created by section 108 of that Act which were then included into the Insolvency Act 1986.

More about Debt Relief Orders

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Debt Management Plan

What is a debt management plan?
Who can use this service?
How does it work?
Will I be charged for a DMP?
Benefits of a DMP
Drawbacks of a DMP?
What happens next?

Bankruptcy

What is Bankruptcy?
Benefits of Bankruptcy
Drawbacks of Bankruptcy
How to go bankrupt
Assets – Your home
Hire Purchase Agreements
Income Payment Orders and Income Payment Agreements
Bankruptcy Restriction Orders
Useful links
IVA’s

What is an IVA?
What is the purpose of an IVA?
How are the monthly payments calculated?
How does it work?
Who can use an IVA?
Who is eligible for an IVA?
Which debts can be included?
Will I have to pay for this service?
  Benefits of an IVA?
  Drawbacks of an IVA?
  The IVA Procedure?
  How the monthly payment works?
Trust Deeds

What are trust deeds?
How do trust deeds work?
Benefits of trust deeds
Drawbacks of trust deeds
Alternative debt solutions

Company Voluntary Arrangements
Debt Relief Order
Fast Track Voluntary Arrangements
Debt Consolidation
Scottish Trust Deeds
Government backed schemes

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