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
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.
Can my IVA payments increase?
Most Individual Voluntary Arrangements (IVAs) last for sixty months and consist of making monthly payments during this time. Your IVA proposal would have set out your initial offer of monthly repayments into your IVA. Those payments may have been increased by your creditors at your Meeting of Creditors (MOC) before your IVA was accepted. You would have had to agree to them for your IVA to be accepted by creditors. Continue reading
Who will find out about my IVA?
Insolvent persons who are considering entering into an Individual Voluntary Arrangement (IVA) with their creditors are often concerned as to whether the world generally and certain other people in particular will find out about them and learn that they are in financial trouble. This is a very understandable worry. Continue reading
Dealing with Personal Debt via an Individual Voluntary Arrangement
In our first two articles in this series, we looked at Debt Consolidation and the Debt Management Plan as two of the main approaches for dealing with personal debt problems. In this article we will briefly look at the first of two formal processes that are specifically targeted at debts who are insolvent i.e. an Individual Voluntary Arrangement. Continue reading
Tax Credits in an IVA
It is natural being afraid of the unknown but it’s far better to address the unfavorable aspects of any course of action than to refrain from confronting the issues entirely. The IVA (Individual Voluntary Arrangement) process is just one of those that a person may have an illogical fear of. Continue reading
Teach yourself about IVAs
The purpose of these pages is to give basic and straightforward answers to queries that individuals want to pose on the subject of IVAs and insolvency in general but may avoid doing this for all sorts of reasons. Let’s begin with examining a scenario when somebody is preparing to get married but is concerned that their fiancé may perhaps be insolvent and that their insolvent fiancé’s creditors might seize their money after the wedding. Although love may be blind, it would be natural for partners to reveal to each other the state of their financial situation prior to getting hitched or even before beginning to co-habit. This is desirable simply because failing to reveal monetary troubles before starting to live together could lead to a failure of trust subsequently in the union in the event that one partner happens to be insolvent and their financial difficulties come to the attention of the other solvent party.
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Getting an IVA Accepted
If you’re planning on entering into an IVA (Individual Voluntary Arrangement) with your lenders you would naturally like to be in no doubt that they are going to accept and agree to your IVA proposal. The overriding concern is whether your offer will be sufficiently attractive to a minimum of 75% of those lenders who make a decision to exercise their power to vote to persuade them to approve your proposals. Exactly what do creditors need to see in your IVA proposal documents?
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Comparing an IVA with Bankruptcy
When you are unable to pay your debts, it is inevitable that you might consider doing one of the big Insolvency solutions that are available in the UK, such as an Individual Voluntary Arrangement (IVA) or Bankruptcy. Naturally there might also be other more favourable solutions available to you also, such as a DRO. When you get to a level of unaffordability where doing nothing is not an option, you will need to research your options. Ultimately, whatever the quality or amount of advice you seek, it will be up to you to make a decision of which option is best.
Continue readingSolving Personal Debt Problems with Support from Europe
Most citizens of member states of the European Union (EU) are unaware of certain unexpected benefits that EU membership conveys in relation to personal insolvency. These benefits are rooted in the principle of the free movement of labour which EU citizens enjoy within the EU and are particularly relevant for those who find themselves overburdened by debt and threatened with aggressive insolvency proceedings in certain member states of the EU. Continue reading
Payment Protection Insurance Claims and IVAs
A great number of lucrative claims have already been undertaken and carry on being undertaken against financial institutions in connection with Payment Protection Insurance (PPI). Any existing debtor who thinks that they might have been miss-sold a PPI policy is entitled to make a claim against the financial institution and numerous such people have already accepted settlements from the offending creditors. Continue reading