You begin to get a bad credit rating when you fail to repay borrowings in accordance with the agreed terms and conditions. If you don’t make your repayments on full and on time, the price you pay is deterioration of your credit worthiness or to put it another way you acquire a reputation for ‘bad credit’. Continue reading
IVA
An IVA is a formal Insolvency Solution that allows you to address your unaffordable debts and repay what you can afford. For IVA advice, please speak to us at McCambridge Duffy.
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
Worried about losing my home
If you are a homeowner and cannot afford to repay your debts, your property may be at risk. The people who lent money to you will want to get their money back in full and on time. Continue reading
Who will know about my IVA?
It’s only natural to be concerned and worried about who will know our business if we go into an IVA. 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
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 readingIVA Case Study
Like fingerprints or snowflakes or DNA, every IVA is different to another even if the differences can often be hard to detect or notice. This IVA case study is not a real IVA, it is for demonstration purposes only. It has been written in such a way that it could well be a viable IVA. The circumstances described could be similar to yours or those of anybody who has encountered financial difficulties and finds themselves insolvent. This first IVA case study is a fairly simple one. Continue reading
IVA or Bankruptcy
When someone is threatened with insolvency or if they are already insolvent the focus on what to do next is often governed by best self interest. And this is not a bad thing. It usually leads to the right decision for the debtor and will often be the best course of action for the other parties affected, particularly creditors.