Calculators
-
Mortgage Calculator
See how much mortgage you can have
-
Debt Calculator
Work out how we can help you manage your debt
Contact us...
Greece has 50% of its national debts wiped, how much debt could you write off?
European leaders have agreed a package after a series of talks to resolve the huge debt crisis in Greece.
Banks holding Greek debt will now have to accept a 50% loss after a series of hard fought negotiations. The new plan, which will also involve more rescue loans, will reduce Greek debt by 120% of its GDP by 2020.
The agreement has been reached to prevent the debt crisis spreading throughout the Euro-zone to other struggling economies, such as Italy.
Leaders from 17 Euro-zone nations held talks earlier this week in Brussels before reaching an agreement.
Greece will receive another 1 trillion euros £880 from the Eurozone and International Monetary Fund. This is slightly less than agreed in July. However, banks will now have to recover the remaining capital to protect them against losses from any future government defaults.
European Commission President Jose Manuel Barroso said; “These are exceptional measures for exceptional times. Europe must never find itself in this situation again.”
How much debt could you write off?
The same rules could be applied to personal debt. Dealing with debt can be difficult and stressful as it may seem like there is no way out. However, there are a few ways you could manage your debts. Firstly, it is important to speak to a specialist debt advisor.
Depending on your circumstances, an Individual Voluntary Arrangement IVA could also be a solution.
An IVA could be suitable for you if you feel that your debt problem is extremely overwhelming and you require specialist debt advice. It is a legally binding way of reducing your bills whilst also avoiding bankruptcy.
An IVA allows you to safeguard you property whilst debt advisors deal with your creditors. An IVA is a debt solution which is most suitable for individuals whose unsecured debt levels are more than £12,000. Like the Euro debt crisis with Greece, it is possible to have a portion of your debt wiped off.
The real IVA case above relates to an existing customer, Mrs H Lockley, who now pays just one single, monthly payment of £314 to combat her debt problem of £44,000, thanks to an IVA.
If you are experiencing debt problems, we can help you. Speak to us today on 0800 093 3537 or via Live Chat
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2011-10-31 11:49:43 © Moneyextra.com