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Debt Plan Vs Bankruptcy
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Debt Management Vs Bankruptcy
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Debt Management Vs Bankruptcy
If you can resolve your debt problems with options such as, Money Management, Consolidation Loan or Individual Voluntary Arrangements (IVA) then there are only 2 other Madison financial .
Debt management Pros & Cons
A Debt Management Plan is an informal option to repay your debt at a rate you can afford. A debt Management Company will speak to all of your creditors and negotiate with them to reduce your monthly contractual payment, your monthly payment will be based on your disposable income.
Pros – Debt Management Plans
You will only make one monthly payment to cover all of your creditors
Your monthly payment will be lower and affordable
Your Interest and Charges may be stopped and Frozen
You will only make one monthly payment to cover all of your creditors Your monthly payment will be lower and affordable Your Interest and Charges may be stopped and Frozen Cons – Debt Management Plans
Your credit rating will be effected
Not all creditors may agree to freeze interest
You extend the time you spend in debt even further.
Your credit rating will be effected Not all creditors may agree to freeze interest You extend the time you spend in debt even further. Bankruptcy Pros & Cons
Bankruptcy is often a better option than an Individual Voluntary Arrangement (VA), although I know that a few people may disagree. If you own a property and have a large amount of debt, with little or no equity then your property will more than likely be safe.
Pros – Bankruptcy
Most of your debts are cleared.
You are discharge normally in 12 months.
You keep assets such as TVs, DVD Players, Etc
Payments to the court will last a maximum of 3 years but normally last 12 months.
Most of your debts are cleared. You are discharge normally in 12 months. You keep assets such as TVs, DVD Players, Etc Payments to the court will last a maximum of 3 years but normally last 12 months. Cons – Bankruptcy
You will probably lose your home, if you have equity.
You lose a lot of your assets, including cars worth more than £1,500.
Your name is published in the local papers and the London Gazette.
Your credit rating is badly damaged for six years
You cannot be a director of a company or work in certain professions.
You will probably lose your home, if you have equity. You lose a lot of your assets, including cars worth more than £1,500. Your name is published in the local papers and the London Gazette. Your credit rating is badly damaged for six years You cannot be a director of a company or work in certain professions.