Family budgeting when in debt

People understand income. It's simply money coming in or what you earn. Wages, salary, pension, child benefit, tax credits, dividends, interest on deposit accounts are all forms of income. People also understand expenditure. It's simply money going out or what you spend. Some spending is done by cash, some by credit or debit card, some by cheque, some by standing order mandate, some by direct debit mandate and so on. Read more [...]

Read How Full And Final Debt Settlements Can Often Benefit Debtors With Unsecured Loans

The options available to people who are unable to pay off their debts include entering into a debt management plan, taking a consolidation loan, and in the most severe cases, bankruptcy. Full and final debt settlements are available to those who have a lump sum which could pay off some proportion of the total money owed. Creditors may accept a full and final debt settlement because they may get more of their money back this way, than by selling the account to a collection agency, or by forcing bankruptcy on the debtor. Note that loans secured on assets such as houses or cars cannot be cleared by full and final settlement offers, as the creditor will have the option of repossession in these cases. Read more [...]