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
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.
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
Fall in levels of Insolvency
In recent months I have written on the dramatic growth of personal insolvencies in the UK over the last decade and of the reasons behind this growth. That is to say it was primarily down to the explosion of availability of credit and other economic factors. I have suggested that it will only get worse before it gets any better. Then earlier this month the third quarter statistics were released by the government’s Insolvency Service. They showed that for both forms of personal insolvency, bankruptcy and individual voluntary arrangements, there has been a fall. Continue reading
Taboos surrounding Insolvency, IVA’s and Debt
The past decade has experienced a huge growth in the number of personal insolvencies – Back in 1998 there were less than 30,000 per year. In 2007 it is likely that over 145,000 will be declared insolvent. To put this in context that equates to the entire population of Oxford for the year or 400 people each and every day. This growth has given rise to many myths and misconceptions as to the reasons behind the growth. Continue reading
Self Employed Workers and IVAs
Over the past few months there have been numerous press articles concerning the increasing level of personal insolvencies and in particular Voluntary Arrangements (IVA’s). IVA’s were introduced in England and Wales in 1986 followed by Northern Ireland in 1989. Initially, they were aimed specifically at trading businesses and the self employed but are now most commonly used by individuals who have amassed uncontrolled levels of unsecured debt. Continue reading
Reducing debts in an IVA
A fundamental precondition for being permitted to be accepted into an Individual Voluntary Arrangement (IVA) quite simply will need to initially be insolvent. Whilst there are different solutions for the insolvent debtor for instance bankruptcy, this assessment is going to simply look at the advantages and drawbacks of the IVA choice should you be unfortunate enough to find yourself in this difficulty. Continue reading
Insolvency while Pregnant
Recently published figures estimate that the cost of rearing a child from birth to twenty one years of age can be up to £200,000. Let us suppose that you are in an IVA and become pregnant. The prospect of trying to sustain your IVA during your pregnancy and especially after the birth of your baby can be a daunting one. The undoubted joy of having a baby must be tempered with the reality that financial pressures will increase. Nevertheless, many debtors in IVAs have successfully overcome the challenges posed in these circumstances. Continue reading
How will my mortgage be affected by an IVA?
An IVA is a formal agreement between you and your unsecured creditors to repay a portion of your debt over a limited period of time – usually five years, but it can be for a shorter period.
Creditors expect to receive the full contractual repayments on their secured loans over the life of the IVA and thereafter. If you have a mortgage, you will be expected to make the monthly mortgage payments to your mortgage provider in full.
Continue readingDo I Include Secured Debts In An IVA
If you are thinking about proposing an Individual Voluntary Arrangement to your creditors, you should be clear as to what debts must be included in the IVA proposal and which debts must be excluded.
Your Insolvency Practitioner (IP) will verify this for you but even before you take that first step of seeking advice you should be aware that not all debts can be addressed via an IVA. Some debts must be paid in full on an ongoing basis and you must make allowance for these when preparing your monthly household Income and Expenditure Statement. Continue reading
What Is The Cost Of An Individual Voluntary Arrangement
If you are insolvent and are considering entering into an IVA you may be worried about whether or not you can afford the fees involved with the process. This is understandable but it should not really be a concern. If the insolvency firm you are using for your IVA is any good at all then they should put this concern to bed quickly and assuredly. Continue reading