Gregory Pennington - debt management company Debt Management help and advice from Gregory Pennington http://www.gregorypennington.com Debt management - things you should know If you`re struggling with unmanageable debts, then a debt management plan could help.

Debt management plans have helped many people - but, as with any debt solution, they do have their downsides. Here`s a look at how debt management works, and some things you may wish to consider before entering into a debt management plan.

]]> http://www.gregorypennington.com/debt-management-blog/2490/debt-management-things-you-should-know.htm Wed, 1 Jul 2009 16:44:48 GMT Should I save or pay off debt? Savings are an important part of our finances. They offer security for the future and protection against financial emergencies - and therefore protection against debt.

However, that`s not to say that savings should always be your number one financial priority. If you`re in debt, repaying your debts first can often save you a lot of money in the long run, as debts tend to cost you more in the way of interest than you`ll make on your savings.

]]> http://www.gregorypennington.com/debt-management-blog/2449/should-I-save-or-pay-off-debt.htm Wed, 17 Jun 2009 9:32:25 GMT Debt won`t go away on its own Debts differ - and no two people in debt are facing identical situations. Even so, there are a few things that apply to just about everyone in debt. One of the most important is this: whatever kind of debt they have, they can be sure their debt won`t go away on its own!

Debts tend to get worse when they`re ignored - when people fail to keep up with their repayments, interest will build up, their creditors will want to know why they`re not paying, their credit report will suffer…

]]> http://www.gregorypennington.com/debt-management-blog/2421/debt-wont-go-away-on-its-own.htm Tue, 9 Jun 2009 12:24:3 GMT How IVAs work - a step-by-step guide An IVA (Individual Voluntary Arrangement) is a legally binding debt solution that can help people clear unmanageable debt. If they can reach an agreement with their unsecured creditors, they will repay as much of their unsecured debt as they can afford over a fixed period (normally 5 years), and then their creditors will write off the rest, leaving them legally debt free.

]]> http://www.gregorypennington.com/debt-management-blog/2418/How-IVAs-work-a-step-by-step-guide.htm Mon, 8 Jun 2009 15:46:25 GMT How long will a debt management plan last? If your problems with debt have come to the point where you simply can`t keep up with your repayments, then you might want to consider a debt management plan.

A debt management plan is an informal arrangement with your lenders for reduced payments towards your debts each month, based on how much you can afford to pay. In some cases, it can also involve a freeze or reduction in interest and other charges, which can prevent your debt from getting any bigger.

]]> http://www.gregorypennington.com/debt-management-blog/2388/how-long-will-a-debt-management-plan-last.htm Fri, 29 May 2009 16:42:31 GMT What are the alternatives to an IVA? If you are struggling with unmanageable debt, then an IVA (Individual Voluntary Arrangement) is one debt solution that could help you become debt-free.

Since their introduction in 1986, IVAs have helped many people avoid bankruptcy. But as with any debt solution, you should always consider the alternatives before making a final decision.

]]> http://www.gregorypennington.com/debt-management-blog/2357/what-are-the-alternatives-to-an-iva.htm Fri, 22 May 2009 17:2:53 GMT The difference between debt management and debt consolidation To some, `debt management` and `debt consolidation` might sound like the same thing, but they`re very different debt solutions.

Even so, they can deliver similar benefits - and similar drawbacks.

Benefits

Debt management and debt consolidation can both:

]]> http://www.gregorypennington.com/debt-management-blog/2360/The-difference-between-debt-management-and-debt-consolidation.htm Fri, 22 May 2009 17:4:35 GMT Are your finances out of control? If your finances are out of control, the first thing to do is stop - and take stock of your situation. Once you`ve figured out exactly where you stand, you`ll be in a much better position to figure out what you should do next.

So, sit down and write down the relevant financial information. You need to know exactly what you owe, what you earn, and what this means for your finances on a monthly basis. The answer to the question "What can I do?" depends largely on your disposable income: the amount of money you have left once you`ve spent the money you absolutely have to spend.

]]> http://www.gregorypennington.com/debt-management-blog/2350/are-your-finances-out-of-control.htm Wed, 20 May 2009 11:11:57 GMT What does a Personal Finance Manager do? If you`ve entered a debt management plan through Gregory Pennington, you may want to know exactly where you`re up to with your debts from time to time.

That`s where a Personal Finance Manager (PFM) comes in. Your PFM is your first port of call whenever you need to ask a question about your debt management plan.

]]> http://www.gregorypennington.com/debt-management-blog/2334/what-does-a-personal-finance-manager-do.htm Mon, 18 May 2009 13:16:4 GMT How does debt management work? Rather than consolidating their debts or thinking about bankruptcy, many people who can`t keep up with their debts join a debt management plan, a professional debt solution that can reduce the monthly cost of their unsecured debts and reduce or freeze interest and charges. Simplifying their finances, this can give them a realistic, affordable path out of debt and back to financial stability.

So how does debt management work?

Debt management works by renegotiating the terms of the borrower`s debts. Lenders may be willing to consider changes to those terms if it looks like this is the best way of recovering the money they`re owed - rather than starting legal proceedings against someone, they may prefer to accept lower monthly payments.

]]> http://www.gregorypennington.com/debt-management-blog/2321/how-does-debt-management-work.htm Wed, 13 May 2009 16:30:56 GMT Getting a grip on your debts If you feel like your debts are getting out of control, the first step in reining them in is understanding them - if you don`t know which debts are more important, how will you know where to start?

Understanding your different debts

There are two basic kinds of debt:

]]> http://www.gregorypennington.com/debt-management-blog/2302/Getting-a-grip-on-your-debts.htm Tue, 12 May 2009 16:20:50 GMT IVAs - what you need to know An IVA (Individual Voluntary Arrangement) is a form of insolvency that`s designed to help you reduce the monthly cost of servicing your unsecured debts - and clear them altogether in the foreseeable future.

If you have significant unsecured debts (in most cases, this means over £15,000), an IVA could be right for you - if you can`t afford your monthly payments to your unsecured debts and don`t think you`ll be able to repay them within a reasonable period of time.

]]> http://www.gregorypennington.com/debt-management-blog/2305/ivas-what-you-need-to-know.htm Tue, 12 May 2009 16:22:52 GMT Debt solutions: a comparison Are you in debt but unsure what to do about it? Perhaps the best way to start would be to talk to a debt adviser about your situation. If necessary, they can help you compare the different debt solutions which may be available to you, so you can identify the one that can get you out of debt and back in control of your finances.

Before you do, you might like to take a look at three of the debt solutions they may mention: debt management, debt consolidation and IVAs (Individual Voluntary Arrangements).

]]> http://www.gregorypennington.com/debt-management-blog/2278/debt-solutions-a-comparison.htm Wed, 6 May 2009 16:52:10 GMT What debts can I consolidate? What debts can I consolidate? It`s a common question - but it`s also a misleading one. The type of debt you`re thinking of consolidating isn`t really the question. What counts is why you`re looking to pay it off with a consolidation loan/mortgage.

The two main benefits of debt consolidation are greater affordability and greater simplicity:

]]> http://www.gregorypennington.com/debt-management-blog/2279/what-debts-can-i-consolidate.htm Wed, 6 May 2009 16:52:45 GMT IVA - the process If you owe significant amounts of money (in most cases, this means a total of £15,000 or more) to multiple creditors and you`re unable to keep up with your monthly payments, there`s a chance an IVA (Individual Voluntary Arrangement) could help you reduce your monthly payments and clear your debts over an agreed period of time (this will be 60 months in most cases).

IVA - the basics

An IVA is an agreement between a borrower and their unsecured creditors. Basically:

]]> http://www.gregorypennington.com/debt-management-blog/2268/iva-the-process.htm Fri, 1 May 2009 17:2:20 GMT What do to when faced with debt recovery If you have missed payments on your bills or debt repayments, then you may know how it feels to receive a letter from a debt recovery agency (also known as a debt collection agency). All of a sudden, your situation can feel a lot more serious.

If you do receive this kind of letter, it`s important that you contact the debt recovery agency to explain your situation. Equally, you should stay in touch with your lender, who should be able to give you further details on what you owe and how you might be able to repay the debt.

]]> http://www.gregorypennington.com/debt-management-blog/2252/What-do-to-when-faced-with-debt-recovery.htm Tue, 28 Apr 2009 9:57:32 GMT How do I know which debt solution to choose? If you`re looking to get out of debt, finding the right way out can be tough. With several debt solutions on offer, it can be difficult to decide which is best suited to your needs. That`s why getting debt advice is so important.

However, your first step should always be to contact your lenders. They may agree to reduce or freeze your monthly payments for a short time, so long as they can see that it will enable to get on top of your other costs and improve the outcome in the long term.

]]> http://www.gregorypennington.com/debt-management-blog/2236/how-do-i-know-which-debt-solution-to-choose.htm Fri, 24 Apr 2009 15:41:47 GMT Debt problems? Benefits of professional help If you`re facing debt problems, don`t underestimate what a debt specialist could do for you. At the very least, they may be able to `point you in the right direction`, whether that means providing a few tips on budgeting, supplying sample letters and templates and/or answering your questions about debt.

In many cases, there`s a lot more they can provide. They may be able to negotiate with your lenders, arrange lower monthly payments, reduce the interest you`re paying, even write off some of the debt you`re carrying.

]]> http://www.gregorypennington.com/debt-management-blog/2194/debt-problems-benefits-of-professional-help.htm Tue, 14 Apr 2009 12:33:2 GMT Should I ask a company to manage my debt? If you can`t keep up with payments to your `non-priority` debts (credit cards, store cards, etc.), what`s the best way forward? Does it make more sense to work through your problems on your own, or to ask a professional debt management company to manage your debts on your behalf? (These aren`t the only options, of course, but this article is just comparing the two.)

Each option has its own drawbacks and its own advantages. Choosing the approach that`s right for you is a decision that will depend on your personality as well as your financial situation.

]]> http://www.gregorypennington.com/debt-management-blog/2179/should-I-ask-a-company-to-manage-my-debt.htm Wed, 8 Apr 2009 10:24:29 GMT Debt help - timing counts If you feel like you`re losing control of your debts, it`s important to ask for some professional debt help straight away. The sooner you do this, the sooner you`ll be able to start putting your money worries behind you - but this isn`t the only reason to act quickly.

Falling behind on your repayments is likely to damage your credit rating and cost you money (in the form of charges, for example, or higher interest rates). It may even lead to legal issues - your lenders might ask the court to issue a County Court Judgment (CCJ), for instance.

]]> http://www.gregorypennington.com/debt-management-blog/2180/debt-help-timing-counts .htm Wed, 8 Apr 2009 10:25:16 GMT