Debt HelpDebt Help GlossaryAttachment of earningsIf you break a court order then the court can instruct your employer to deduct the debt payments from your wages if you do not seek immediate debt help to resolve the issue.
Administration OrderA single county court order that covers credit debts and certain other debts, which are all treated together. It allows you to make a single payment every month into the court who then divide the money amongst your creditors on a pro-rata basis. An administration order stops creditors from taking further action against you. Your debt level must be below £5,000 and you must have at least 2 creditors.BailiffA person who has the power to seize goods if a debt has not been repaid or a suitable payment arrangement put in place.
BankruptcyAn individual can make the decision to go bankrupt, or in extreme cases the creditors can apply to the court to bankrupt the debtor. Usually, a person will lose his assets such as his house and car, although this is not always the case. In the majority of cases the bankrupt will be discharged in 12 months, but an IPO or IPA (money that the bankrupt is expected to contribute monthly from income) may last up to 3 years.
Charging OrderAn order given by Court that secures a previously unsecured debt against a property. Any debtor facing this situation should seek immediate debt help.
County Court Judgment (CCJ)If a creditor does not receive acceptable repayments towards their debt then they may apply to the court for a county court judgement (CCJ). Any debtor facing this situation should seek immediate debt help.
Credit Reference AgencyCredit Reference Agencies collect and store information about you and your history in regards to credit.
Debt Help CompanyA firm that should be able to advise on all debt help solutions in order to put together the best plan to help solve your debt problems.
Debt Relief Order (DRO)DRO is an alternative to bankruptcy that can help you deal with certain types of debt if you do not own your home, have little spare income and have little chance of your financial situation improving. To qualify for DRO you must have less than £15,000 of debt, have less than £50 disposable income per month and own less than £300 of assets.IVAIndividual Voluntary Arrangement. This is a debt help solution that is a formal arrangement designed to see you debt free, usually within 5 years, and the creditors may agree to write off some debt.LiabilitiesMonies owed to creditors.Payment Protection InsuranceInsurance added to loans, credit cards and mortgages to cover redundancy, sickness and unemployment.Secured CreditorA secured debt is one that has been loaned against an asset such as a house or car. If you are having problems repaying your mortgage, secured loan or car loan then you should seek immediate debt help. Statutory DemandA 'stat demand' is a written request from a creditor to a debtor for the payment of a debt. Failure to respond to a statutory demand can lead to the creditor applying to make you bankrupt through the courts. Seek immediate professional debt advice if you have recieved one of these. Warrant of ExecutionA warrant of execution is normally issued if the terms of a court judgement (CCJ) have not been adhered to and empowers a county court bailiff to attend a judgement debtor's address to remove goods. Seek immediate debt help if you have recieved one of these. CALL FREE 08000 748 059 (24HRS) Contact Us Now to see if we can help You
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