When personal insolvency is staring you in the face, the decision as to which solution to go for is a major one. Even after taking the best advice available, it still boils down to your own personal choice in the end. Continue reading
Author: Paddy Byrne
Pros and Cons of an IVA
Looking at an Individual Voluntary Arrangement (or IVA) through the eyes of the person in debt reveals the pros and cons of the process. Once an IVA is accepted at the meeting of creditors, you can look forward to enjoying a considerable number of advantages, provided you stick to the agreed terms for the duration of the IVA. As with any Insolvency solution, there are also some cons to be aware of in an IVA, especially if the IVA should fail. We have outlined the advantages and drawbacks in this article.
Continue readingWhat is an Insolvency Practitioner?
An Insolvency Practitioner, also known as an IP, is an individual who is authorised and licensed to act on behalf of a person, company or partnership that can no longer meet their financial obligations (known as Insolvency). Continue reading
IVA Living Expenses – Part 1
Many people surf the web to try and find out about IVAs before taking the plunge of going to see an insolvency professional. This is quite a sensible approach in so far as the understanding and knowledge gained will help the individual prepare for a deeper scrutiny of their personal finances, particularly if they are in financial trouble. Continue reading
Recovering debts through court
When creditors set out to recover monies owed to them they have a wide range of tools at their disposal. Three of the most commonly used legal mechanisms available to creditors are Charging Orders, CCJ’s or County Court Judgments and Statutory Demands.
Relieving the Suffering of Personal Debt
When men or women start thinking about their own acute debt worries they occasionally contemplate how awful it would be if they had to go bankrupt. Whether or not they petition for their own bankruptcy or one of their creditors petitions for it, the stigma or imagined stigma of bankruptcy is the worst type of emotion a person may have some. However, there are several other great and pragmatic remedies other than personal bankruptcy. It might perhaps even be more desirable for both the consumer and his or her creditors to employ a different procedure to bankruptcy. Continue reading
Insolvency | Dodgy Transactions
In the lead up to any liquidation process, it is important that the borrower makes sure that he behaves truthfully, honorably and fairly in his or her business with all other individuals who might be impacted by the process. All actions relating to lenders or any others (not being creditors) which will detrimentally affect the welfare of creditors are of particular concern, regardless whether creditors happen to be party to the financial transactions are not. Insolvency processes include Bankruptcy, Individual Voluntary Arrangements, Company Voluntary Arrangements, Liquidations and the like. Continue reading
Interested in an Individual Voluntary Arrangement
If you’ve got money troubles and believe that you could be insolvent, you should find out more about an Individual Voluntary Arrangement (IVA) and ways in which an IVA might make life much better. Bear in mind that undergoing money anxieties in itself isn’t sufficient to be eligible for an IVA. It is essential to actually be insolvent. That means that you have to be unable to pay the money you owe once they fall due and that if you were to put up for sale any resources you might have, such as a home, would most likely realise insufficient money to pay off your due debts, despite the help of your earnings. Continue reading
How do Individual Voluntary Arrangements work
Assuming you have money worries and feel that you could be insolvent, you may want to understand an Individual Voluntary Arrangement, generally referred to as an IVA, and how it could possibly benefit you. Being aware what an IVA is and knowing the IVA approach makes it easier if you need to come to a decision whether to participate in this process or try some other sort of viable solution with regards to your monetary problems. Continue reading
Growth in Personal Insolvencies in the UK
Growth in personal insolvencies (bankruptcies and IVAs) has been dramatic over the past decades in UK. Continue reading