Debt Secrets

IVA secret 9: Why how much you pay in IP professional fees really does matter.

admin — Fri, 13 Nov 2009 00:46:37 +0000

One of the great IVA myths is that the IP fees are paid completely by the banks and the indebted individual should therefore not worry about them. It is true that the IP fees are written into the arrangement but this means that part of the money used to pay back monthly to your creditors [...]

A summary of what to do to tackle your debt problem

admin — Mon, 17 Aug 2009 23:32:33 +0000

I wanted to start by giving a one page overview of what to do to tackle your debt problem. The main actions of the Information Gathering Stage and of each solution are depicted below: INFORMATION GATHERING STAGE Actions 1. Read the articles in the debtsecrets blog once through 2 Gather information, complete your statement of affairs and determine your disposable income. 3 Read [...]

How I grew my Financial Spread Betting Account on Tradefair from 75 to 900 pounds

admin — Fri, 20 Mar 2009 10:50:04 +0000

I started my tradefair account on the 10th of February 2009 with £75. In additon to the initial amount I received a bonus of £75 makng an account total of £150. I made some very clueless trades at the beginning but spread betting aggresively mainly focused on the forex market particularly GBP EUR paid off; On [...]

A warning for beginners trading forex on tradefair

admin — Tue, 10 Feb 2009 03:28:01 +0000

Hi guys! I’ve been trying to make some money on tradefair a spreadbetting platform run by the folks at Betfair, Hammersmith, London. For all u people who think they can make easy money on the internet – tradefair are currently offering a deal where u get £75 for free! (Email me if u are interested [...]

Saving money on flights; Ryanair What payment method to use?

admin — Wed, 03 Sep 2008 18:41:36 +0000

Did you know that you can save yourself a few quid on flights with Ryanair if you are willing to use a Visa Electron card? Let’’s see an example and fly Ryanair from London Stansted to Marsellie, France. It seems I got lucky and found one of those one pound flight offers which includes all taxes [...]

IVA secrets 7 and 8: Never pay the Insolvency Practitioner any money in advance

admin — Tue, 04 Mar 2008 02:01:05 +0000

IVA secret 7: Never pay the Insolvency Practitioner any money in advance Insolvency Practitioners are legally obliged not to start charging you until you have actually started your IVA. Make sure you postpone any fee payment until after the creditors meeting. IVA secret 8: Get the initial meeting for free. Most Insolvency Practitioners will give you an initial free meeting. Ensure [...]

IVA secret 6: Go directly to an Insolvency Practitioner

admin — Mon, 25 Feb 2008 22:55:44 +0000

IVA secret 6: Once you are certain that an IVA is best for you, go directly to an Insolvency Practitioner Debt Management companies do offer a debt advice service. In addition they justify the fees on the basis that they ensure the IVA receives approval. Their argument is that you will have an advocate for your IVA, [...]

IVA secret 5: If the majority of your debt is held by a single creditor, consult them

admin — Sat, 23 Feb 2008 00:49:44 +0000

IVA secret 5: If most of your debt is owed to one creditor then consult them first before you try to do an IVA. As 75% (in value) of your creditors have to vote in favour of your IVA proposal there is no point in going ahead with the IVA proposal if that creditor does not already [...]

IVA secret 4: Make sure you have fully considered the “Full and Final Settlement” or “Lump Sum” IVA

admin — Mon, 03 Dec 2007 13:56:07 +0000

Let me tell you; if you really want to do an IVA and not go bankrupt then a “Full and final settlement” IVA is better. Being in debt to a friend or family member is far better than being exposed to the stringent rules that govern a repayment IVA. In a repayment IVA you could [...]

IVA secret 3: Vested interests might be pushing you into an IVA

admin — Sat, 13 Oct 2007 00:42:25 +0000

IVA secret 3: Vested interests might be pushing you into an IVA when bankruptcy is a better solution Remember that the debt management companies and Insolvency Practitioners have a vested interest in you going ahead with an IVA as it will be all the more lucrative for them. They will typically try to prod your conscience so [...]