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
Individual Voluntary Arrangements
Articles that discuss everything to do with Individual Voluntary Arrangements. We are one of the leading IVA providers in the UK.
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
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
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 readingHow an Individual Voluntary Arrangement Works
If you have debts you cannot afford to repay you might still like to reach a binding agreement with your creditors based on what you can afford. Provided you have a regular income, an IVA may help you to reach such an agreement and to repay some of your debts in a reasonable, finite and fixed period of time. Continue reading
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
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
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.
Continue reading
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?
Continue reading