Dependants and Debt Advice
Your dependants and debt advice?
This section is a guide about your dependants and debt advice and is particularly focused on how a dependant’s situation may affect you or your family.
Your dependants and debt advice is an important area and so you need to make what plans so can you can to provide for them. Try to work out how much your dependants would need to live on after you die or if you couldn't work.
Firstly, it is important to think about how your dependants would manage financially if you died or had a sudden loss of income.
You can use our budget calculator to try to work out how much your dependants would need to live on if you suddenly died or became unable to work. Remember to think about how long they would need to be supported after your death and whether their needs would change as they get older.
Top Tips on how to avoid debt for your dependants
- Money may need to be spent on taking on additional child care which may be expensive and so lead top debt.
- To limit dependants getting into debt you could take out some life insurance to provide an income or a lump sum for dependants.
- Take out life, key man, serious illness insurance cover. This will limit your dependants getting into debt should you die or lose your job.
- Provide your dependants with an income by way of pension plans. If you die or have to take early retirement then at least your dependants will be provided for if they got into debt.
- Place money into a savings account. Your dependants could use the money to help tide them over if debts arise.
Common questions arising from debt from disability are the following:
- Long and short term credit - how can debt from dependants affect my credit rating?
- How do I prevent debt after debt from affecting my dependants?
- I don't want to become bankrupt. Can I prevent debt from dependants causing this?
- If I consolidate my debt from dependants, would that be a wise move?
- Click here for help for armed forces personnel and their dependants
Please note if you are unsure of a debt situation in any other special situation and you are unsure if you are responsible for debt and dependants please call 0800 074 6918. We are money, debt and credit advisers ready to provide advice on responsibility for debts advice for dependants.
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]