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

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

Mortgage Arrears

Falling into arrears with your mortgage payments is stressful. The stress arises from the fear of losing one’s home. The most common root cause of mortgage arrears is inability to pay caused by a reduction in income arising from loss of employment or reduced working hours or reduced pay rates. It can also be caused or aggravated by increases in mortgage interest rates and living costs. In a minority of cases, lifestyle may be a significant factor with addictions such as drink, drugs or gambling resulting in missed or late payments and ultimately mortgage arrears. 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