Personal Difficulties > Overview
Debt
is a common feature in today's world. Most debts are
well managed and repaid over a period of time. However,
circumstances can change and issues such as: redundancy;
illness; relationship breakdown, can all cause debt to become
unmanageable and mean that financial commitments cannot
be met.
If you are in
this position, there are several options available:
Prior to considering
the above options, you may wish to view the following:
This schedule
can be used to detail your weekly, or monthly, income
and expenditure pattern. The information, which will only
be seen by you, should be entered as accurately as possible.
Thereafter, it will prove useful in determining your weekly/monthly
surplus or "disposable" income and thus your ability to
pay a contribution should you wish to consider formal
insolvency proceedings, or enter into negotiations with
your creditors regarding a repayment programme. You can
complete the schedule online and retain a copy for future
reference.
The following
schedule can be used to detail your assets and liabilities.
It is useful in determining your overall financial position,
and to show if you are insolvent i.e. assets less than
your liabilities.
The schedule
also highlights potential areas for further discussion.
For example, owned assets may require to be sold if formal
insolvency proceedings progess, or if you wish to raise
money to help deal with pressing creditors.
Full creditor
details are required to determine the extent of your liabilities
and, in this regard, you should include every creditor
e.g. family, friends and other non-business loans.
Please feel
free to complete the schedule online and retain a copy
for future reference.
Please click the
links above for more information on each option.
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