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
Insolvency
Insolvency is the term given to a person or company that is unable to service their debts. Read our Insolvency Articles or get in touch if you need some Insolvency Advice.
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
Questions for your Insolvency Practitioner
The old cliché ‘fail to prepare, prepare to fail’ can be applied to your personal circumstances when you are encountering financial difficulties. You may be considering going to a financial expert to get advice on what your options are in trying to address your problems. The recognized expert in the UK is an Insolvency Practitioner or IP and the equivalent in Ireland is a Personal Insolvency Practitioner or PIP. Continue reading
Debt Solutions in the UK
If you live in England, Wales or Northern Ireland and are trying to deal with your personal debt, it is worth considering the various remedies that may be available to you. Continue reading
IVA Just Accepted – What Can Go Wrong?
Initial Delight
Having your IVA accepted by creditors is usually an occasion of great satisfaction for most debtors. The nervous anticipation in the weeks and days coming up to the Meeting of Creditors gives way to relief and a release of tension for most when they receive that phone call from the office of their insolvency practitioner confirming that their IVA proposal has been accepted. Continue reading
IVA Supervision
IVA Supervision
When an insolvent person considers offering proposals to creditors for an Individual Voluntary Arrangement or IVA, they hear a lot of new terms or what some people might describe as jargon. Continue reading
Debt Management or IVA
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