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

Using credit before an IVA

If you suspect that you may be insolvent, you might be considering entering into an IVA or even petitioning for your own bankruptcy. Certainly if you have been defaulting on repayments of unsecured loans and if you have only been able to make minimum payments on your credit cards or store cards, there is a good chance that you are indeed insolvent. One definition of insolvency is the ‘inability to repay your debts as and when they fall due’. Continue reading

IVA Boom in 2014

Figures just released by the Insolvency Service show a significant swing away from Bankruptcies and towards IVAs in the second quarter of 2014 when compared to the same period last year. Second quarter figures for 2014 show that, in England and Wales, IVAs reached a record high of 14,571 an increase of over 20% on the same quarter in 2013 and a historic high for any quarter since the legislation which created the IVA solution was introduced in 1986. 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