Tag Archives: how to file for bankruptcy

Depressed Brits Urged to Seek Debt Advice

According to BBC News, economic problems in the UK may be fuelling a rise in the use of anti-depressants. Data obtained by the broadcaster revealed that prescriptions for drugs, such as Prozac, have increased by 40 per cent over the past four years.
Both GPs and charities have claimed they have seen an increase in people contacting them as they are worried about their finances or job security. People who find themselves in financial trouble have many debt solutions available to them. One such solution could be a debt consolidation loan, which lumps all outstanding payments into affordable, monthly repayments. However, if someone has a poor credit rating they may not be able to obtain a loan.
Another option could be an Individual Voluntary Arrangement (IVA), which is a formal agreement between a debtor and their creditors where both parties agree on monthly repayments that the debtor can afford and if the whole amount owed is not paid off within an agreed term, usually five years, the debt is written off. This arrangement is reviewed on an annual basis to ensure that if a debtors circumstances change the IVA changes to accommodate this.

Ashley Park Debt Solutions offer expert advice on IVA`S,Debt Consolidation and other solutions such as Debt Management Plans and Bankruptcy Assistance.

Lee Schofield of Ashley Park Debt Solutions said “ Many people will struggle to admit they have a problem

With their debts and will not seek help until the situation becomes a lot worse and can no longer be ignored.”

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Retirees May Need Help with Debt

Retirees’ have admitted their social lives are unsatisfactory with 30% admitting they do not have enough money to enjoy their free time. If you are worried about your financial position for retirement or have recently retired and you are in need of help with debt or budget planning, seek expert advice from the professionals at Ashley Park.

Scottish Widows’ inaugural Retire-Easy report reveals it is not just the financial worry of funding retirement future retirees should consider as the lifestyle change can also have a huge emotional and psychological effect.

Over a quarter of those retirees surveyed 23% missed the sense of structure of working life and the greatest challenge for 15% of retirees was their loss of social life.

“It is not just the financial shift that people have to prepare for when they retire, but the lifestyle change that comes with it,” said Scottish Widows savings expert Alison Morris.

“Many people want to take it easy and enjoy the free time they have when they retire, but it is important to understand that retirement can be one of life’s most significant transactions so careful planning is crucial for your well-being.”

Other retirement worries for future retirees included 13% who are expecting not being able to enjoy their free time due to bad health, 22% enjoying their job and not wanting to leave, and 13% who said they will not know what to do with the extra time.

Clear All Debts

Whether you are struggling to fund the basic necessities with your pension and savings, or you simply would like a bit more disposable income or to perhaps consolidate your debts, Ashley Park has a variety of means to assess your situation to provide the best solution.

For a confidential informal chat with one of our advisors why not call 0800 043 3535 or email enquiries@ashleypark.co.uk

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Speeding Tickets Sign of Bad Money Management

Speedy housewives are more likely to incur a speeding fine which for some could be the first step of the slippery slope of bad money management.

If your debts have become out of control and you are struggling to manage your income against your outgoings a debt consolidation from Ashley Park could help.

Not only are housewives 11% more likely to obtain a speeding ticket, their cars are on average £1,530 more expensive with an engine about 282ccs larger than other women’s.

“Housewives make up the biggest occupational group we insure, we wanted to see if there were any difference between them and the rest of the female motoring population.” said Diamond managing director Sian Lewis.

“The UK’s housewives certainly seem to enjoy life in the fast lane.”

When it comes to hitting the credit card however, the popular myth that women are the bigger abusers has been hit on the head. More than one in four men has three or more credit cars compared to just 16% of women, moneysupermarket recently revealed.

Only half of all female credit card holders use their card more than once a month compared to half of men who use it on a weekly basis.

Managing your finances

Whether you have built up debt due to several big expensive purchases which you are struggling to pay off, or if you have a number of credit card bills with little debts all mounting up, it is important to stay on top of it. Money management can soon spiral out of control and could start with a simple speeding fine.

The experts at Ashley Park can give you professional advice on your options.

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Going Bankrupt

The cost of living, unemployment and salary freezes are all bleak and miserable facts about current life in Britain and these all contribute to debt. When people get into debt it can often just start out as a gamble on a business deal or simple overspending on a holiday, the problem starts when it spirals out of control to end in bankruptcy.

Brits are determined to take a summer break this year even though more than £1000 is what over two million holidaymakers have borrowed to fund it, according to research by the insolvency trade body R3. This may not seem like enough to cause bankruptcy but it could be the beginning of a downward spiral of debt if managed incorrectly.

Other articles show bankruptcy can happen to anyone regardless of how much their income may be or how successful their career in the case of Kerry Katona and George Best for example.

Research has also found once people are in debt it can affect their close relationships as many admit to keeping it a secret. This not only contributes to the stress but also means the family carry on spending where they should not. The Consumer Credit Counselling Service also revealed that ‘embarrassment’, ‘shame’ and ‘it’s quite difficult to acknowledge that you are an adult and unable to manage your finances’ were all reasons for not talking about it.

People are urged to look into their options when they can no longer cope, if an IVA is not a viable solution then bankruptcy may have to be the answer, but with this can come relief from the constant feelings of stress and the means to start again.

Ashley Park offers a bankruptcy assistance service which details everything you will need to do in order to declare yourself bankrupt. We are able to give you step by step advice and guidance on bankruptcy and help organise the right documentation.

For a confidential informal chat with one of our advisors why not call 0800 043 3535 or email enquiries@ashleypark.co.uk

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Five Celebs Who Couldn’t Stop Going Bankrupt

Following the recent news that the Duchess of York is on the brink of bankruptcy with a rumoured £2million of debt, we highlight five top bankrupt celebrities who have battled with debt.

1 Kerry Katona: This troubled former pop singer has certainly felt the back hand of the celebrity lifestyle. After failing to deliver the final £82,000 of her £417,000 tax bill she was declared bankrupt in two years ago this month. Katona has been seen this year however behind the wheel of a BMW X5 which would have cost her between £40,000-78,000.

2 Mike Tyson: Mike Tyson’s £165 million career was not enough to keep him out of trouble for debt problems after racking up £70 million worth of debts. As a result Tyson had to sell his mansions and collection of exotic cars and living in a modest rented home in Phoenix, Arizona.

3 George Best: George Best is also one the most well known bankrupt sporting stars of all time due to a playboy lifestyle that often resembled one long party of women, fast cars and general excess, including a long battle with alcoholism. After football he took up gambling and was declared bankrupt in November 1982 owing £22,000.

4 Kim Basinger: Glamorous movie star Kim Basinger declared herself bankrupt in 1993 to settle her £6million debt after she bought the town of Braselton, Georgia for 12.5 million.

5 Bill Roache: Corrie’s brick, voice of reason, man of the street – so to speak – Bill Roache who plays Ken Barlow was made bankrupt in 1999. The actor was ordered to pay legal costs despite winning a case with the Sun and awarded £50,000, but this was not enough to cover legal costs of around £120,000 and pay off an estimated £600,000 debt.

Going Bankrupt Advice

Regardless of how much your income may be, the threat of going bankrupt and falling into debt can, as our list shows, easily affect everyone, including successful individuals.

If you are struggling to pay off your debts and an IVA is not a viable solution, bankruptcy could be your only option.

Although bankruptcy is not to be taken lightly, it can offer you a fresh chance to start again and can lift that strain and money stress that has probably been the centre of your life.

For a confidential informal chat with one of our advisors why not call 0800 043 3535 or email enquiries@ashleypark.co.uk

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