Can I keep a car in an IVA?

If you are insolvent and are considering offering proposals for an IVA to your creditors you need to consider the implications for your transport needs, particularly if you already have a car or other vehicle. The first question you must ask yourself is whether you need a car in the first instance. Creditors may ask this question and you should be prepared to answer it. Provided it is essential for the normal transport needs of your household or for getting to and from work, creditors usually have no objections to your retaining a car for these purposes. Continue reading

Annual IVA review may affect payments

When you offer your creditors proposals for an IVA, they carefully consider whether your offer of payments is fair. They look at your income and your household expenditure and take into account any special family circumstances that may affect your family and that may impact on your ability to make the payments, such as a family member having a medical condition with special medication, dietary or care needs. Continue reading

How does an IVA work?

Like many experiences in life, you can’t really know how an IVA works unless you experience it for yourself. And because no two IVAs are exactly alike, each experience is also unique in many ways. Various analogies are quoted such as fingerprints, snowflakes and DNA. From a distance they all look the same, yet they all differ. However there are some certainties if a you are to successfully complete an IVA and come out at the other end with a fresh start, debt-free and solvent again. Continue reading

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

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

IVA Guidelines

In our last article ‘IVA Living Expenses’ we looked at the approach creditors take in deciding whether to accept or reject your proposal for an IVA. In this article, we will look in detail at the IVA Guidelines or  Living Expenses Guide which most creditors claim to adhere to in making their decisions as to whether to allow each item of expenditure or not. 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