How do high interest rates affect company insolvencies?
August 24, 2023
As interest rates in the UK reach record highs, more companies are falling behind with debts and becoming insolvent. Find out why the number of
As interest rates in the UK reach record highs, more companies are falling behind with debts and becoming insolvent. Find out why the number of
With the rate of inflation in the UK reaching record highs, it is having an impact on every aspect of the economy. But how is
Individual Voluntary Arrangements are growing in popularity, with almost 90,000 issued in 2022, but they’re not right for everyone. Find the information you need to
No-one likes the prospect of a visit from the bailiffs, but could having a Debt Management Plan in place stop them in their tracks? Find
Facing redundancy while dealing with debt is a tough situation and it can be hard to determine next steps. Read on for our guide to
If you have a credit card or store card debt and can only pay back the minimum payment each month, you might be at risk
Whether you’re looking to get a new loan or just keen to know where you stand, the world of credit scores can be confusing. Don’t
An Individual Voluntary Arrangement (IVA) can help you get on top of your debts and make affordable repayments, but terms and conditions apply. Find out
If you have a variable income or no income at all, creating a workable budget can be more difficult – but it’s not impossible! Check
Buy Now, Pay Later can be a convenient way to split the cost of purchases over time, but could it cause more problems in the
The start of a new season is a great time to review your financial situation and set new goals for the year ahead. But what
Keep the kids entertained without breaking the bank this school holiday with these budget-friendly activities for the whole family Go outdoors While the UK weather
No matter your financial situation or difficulties, we can provide you with the right advice and support to help you become debt free.
Alternatively, if you’d like to speak to one of our advisers for expert advice call us.
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
