Some people when in Bankruptcy will try and abuse the insolvency system or engage in dishonest, reckless or otherwise culpable conduct. To protect against that the Enterprise Act 2002 introduced Bankruptcy Restrictions Orders and Bankruptcy Restrictions Undertakings. The effect of either a Bankruptcy Restrictions Order or a Bankruptcy Restrictions Undertaking is that the restrictions imposed on the bankrupt individual continue to apply, even after the (usual) twelve months discharge period has expired. 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
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
Recovering debts through court
When creditors set out to recover monies owed to them they have a wide range of tools at their disposal. Three of the most commonly used legal mechanisms available to creditors are Charging Orders, CCJ’s or County Court Judgments and Statutory Demands.
Dealing with Personal Debt via Bankruptcy
In our first three articles in this series, we looked at Debt Consolidation, the Debt Management Plan and the Individual Voluntary Arrangement as three of the main approaches for dealing with personal debt problems. In this fourth and final article we will briefly look at the last of the main processes that are specifically targeted at debtors who are insolvent i.e. Bankruptcy. 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
Dealing with Personal Debt via a Debt Management Plan
Here we look briefly at a Debt Management Plan as a means of dealing with personal debt. This is the second of the four main approaches we are looking at in this series of articles about Dealing with Personal Debt. In the first article we looked at Debt Consolidation. Continue reading
Dealing with Personal Debt via Debt Consolidation
With so many people today having personal money worries it is remarkable how reluctant some people can be in seeking a solution to their financial problems. The important thing is to begin somewhere and getting professional advices ranks highly in the list of things to do. It is often helpful to rate our financial situation on a scale of one to ten with a rating of one being in a state of comfort and affluence and a rating of ten being in a state of hopeless personal insolvency. Continue reading
Coping with the Worry of Personal Debt
Serious personal debt is a huge worry for many people. When the level of debt becomes unsustainable, the worry can lead to stress and to the effects of more serious health and relationship problems. The journey from being debt free, having money in the bank, being in rewarding employment, earning a good income, enjoying a decent standard of living and living a happy life with spouse and children to being unable to pay bills or to service debts can be a cruel one. Continue reading