Fixed rate student loan consolidation Belfast

November 14, 2016
LePage brings his message to
Negotiated Agreement with creditors Debt reorganisation/ consolidation loan Debt Management Plan (DMP) County Court Administration Agreement (CCAO) Individual Voluntary Arrangement (IVA)* Debt Relief Order (DRO) Bankruptcy
Automatically free of the debt? No No, unless the court makes an order of this Yes, when you have completed the terms of the IVA Yes, debts are 'discharged' at the end of 12 months subject to certain exceptions. But you still have to pay debts that are not allowed in the DRO, listed later. Yes, when you are 'discharged', subject to certain exceptions, listed later. But you will still have to pay debts that are not allowed in bankruptcy, listed later.
Automatically binding on all unsecured creditors? Only on creditors paid in full Yes Yes, if your proposal is approved by 75% or more of creditors (having regard to how much is owed to each of them) on the day they consider the proposal. Yes, but only on creditors included on your application form
Automatic protection from action by unsecured creditors? Yes - Upon creditors approving your proposal.
Protection of action by secured creditors?
Length of time? No fixed time Until last payment made Typically 5 or 6 Years for an income based IVA or approximately 12 - 15 months if a lump sum deal. Usually 1 year Usually 1 year but you may have to make payments from your income for up to 3 years
Effect on employment? Probably none Possibly
Home at risk? No, but you need to keep up mortgage/ rent payments No, but you need to keep up mortgage/ rent payments. NB: If applying for a loan, the provider may wish to secure this against your property. Typically an IVA will not require...
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