Many of us don’t really regard our current account as being a proper debt in the normal meaning of the word. Over time, we think of our current account as being our friend and almost like a member of our family. We lodge money into it, pay bills from it and withdraw money from it when we need to. If you could love an account this would be the one. Continue reading
Author: Paddy Byrne
Increasing IVA Payments
It is a matter of concern for people who are going into an IVA that creditors might increase their monthly payments to the point where they can’t afford to pay what is being demanded with the result that their IVA might fail. It’s an understandable worry but debtors should be reassured that creditors, by and large, only seek to increase monthly payments if it is possible and realistic and sustainable for the debtor. Continue reading
Priority Debts
Some debts we must pay. No matter what our financial circumstances we must give priority to food and shelter. We must eat and drink, have somewhere to live and have clothing, heat and light. After that, all our debts have a lower priority. Continue reading
Doing an IVA from abroad
A question that we are asked regularly is if someone who has debts in the UK and lives outside of the UK, can they do an IVA in the legal jurisdiction of the UK while still continuing to live abroad. The short answer to this question is ‘YES, but…!’ Continue reading
Joint debts in an IVA
If you are insolvent and considering offering IVA proposals to your creditors you should be aware of the standard treatment of joint debts in an IVA and how your IVA is affected if you have one or more debts jointly with your spouse or partner. A joint debt is a debt taken out by two or more people but in most cases just by two people.
Continue readingInsolvency explained
If you are sick or injured, you don’t have to be a medical expert to know that you need to go to a doctor for treatment. You just instinctively know that you don’t feel well and that your GP will in all likelihood be able to help you. The process is simple: you go along to see your doctor. You describe your symptoms or condition, the doctor may ask you questions, may perhaps examine you, may initiate some tests, may offer you his or her diagnosis of your condition or injury, may prescribe medication or other treatment, may refer you to a specialist or a medical consultant or may send you to hospital. Continue reading
Debt Solutions in the UK
If you find yourself deep in debt, there are seven main options which you can consider to address your predicament. In England, Wales and Northern Ireland, about 98% of people who decide to do something about their personal debt problems opt for one of these seven courses of action. Which solution appeals to you? Which solution are you eligible to go for? See if your circumstances match any of them.
IVA Boom in 2014
Figures just released by the Insolvency Service show a significant swing away from Bankruptcies and towards IVAs in the second quarter of 2014 when compared to the same period last year. Second quarter figures for 2014 show that, in England and Wales, IVAs reached a record high of 14,571 an increase of over 20% on the same quarter in 2013 and a historic high for any quarter since the legislation which created the IVA solution was introduced in 1986. Continue reading
Can I Do an IVA with no money?
If you are insolvent and have no assets and/or no disposable income can you still do an IVA or to put the question a little differently, is there any chance that creditors will accept your proposal for an IVA if you have no money? Incredible as it may seem, the answer is yes, provided you can ‘bring something to the table’. First, let us look at the ‘normal’ scenario in which an insolvent debtor goes forward with an IVA. Continue reading
Fair treatment for Mortgage Arrears
So you have fallen into arrears with your mortgage payments. Bear in mind that this is not a hanging offence. It is not even a criminal offence. In fact there are certain standards that you can expect your mortgage provider to adhere to as you try to cope with the inevitable stress of the situation. Continue reading