It is natural being afraid of the unknown but it’s far better to address the unfavorable aspects of any course of action than to refrain from confronting the issues entirely. The IVA (Individual Voluntary Arrangement) process is just one of those that a person may have an illogical fear of. 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.
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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?
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Comparing an IVA with Bankruptcy
When you are unable to pay your debts, it is inevitable that you might consider doing one of the big Insolvency solutions that are available in the UK, such as an Individual Voluntary Arrangement (IVA) or Bankruptcy. Naturally there might also be other more favourable solutions available to you also, such as a DRO. When you get to a level of unaffordability where doing nothing is not an option, you will need to research your options. Ultimately, whatever the quality or amount of advice you seek, it will be up to you to make a decision of which option is best.
Continue readingWhy Should Creditors Be Able to Claim My Property?
Once you owe money to loan providers or some other lenders they’ve got the legal right to seek the payment of such obligations in keeping with the conditions and terms under which the monies were borrowed or the liability was sustained at the outset. If in spite of this the customer simply cannot or will not follow the contracted repayment schedule in that case lenders are able to avail of an array of means to force the overdue consumer to repay the money they’re owed. Examples of these are getting a County Court Judgment (CCJ) against the borrower and following this up with measures by bailiffs which might include the seizure of goods or other assets. Continue reading
College Students Facing Debt Problems
Many students who expect to graduate this year can have loans of £25,000 or even more to dampen their determination when they seek to join a less than buoyant employment market. Research studies have found that half of those individuals presently graduating imagine that it will take them a minimum of ten years to repay their student obligations while ten percent believe it might take as long as two decades to be free from debt. Thanks to university tuition costs inexorably escalating every year, the average student liabilities may well escalate to as much as £80,000. Continue reading
Experiencing the Penalty of Debt
Capital punishment for even the most heinous criminal offenses has long been abolished in the majority of western democracies with some significant exceptions such as the USA. In regard to personal debt however, the USA has a most benign set of laws dealing with indebtedness both personal and corporate. Contrasting very much in both of these matters is the Republic of Ireland. The death penalty is long eliminated in Ireland but the personal insolvency regime there has been explained by a great many august authorities as unrealistic, rarely used, very costly and exceedingly penal. Continue reading
Debt Management Facts
What is a Debt Management Plan?
A Debt Management Plan or DMP for short, is an informal debt solution designed to help you pay back your debts by means of affordable monthly repayments. In the plan your debts are paid back entirely, or until you decide to opt out of the plan. The speed at which you pay creditors depends on how much you can afford to pay each month and whether or not interest and charges are frozen. It is for this reason that Debt Management can last for a long period of time in some cases. If you use the services of a Debt Management Company to assist you in setting up your plan, they will be able to determine how long it will last for, after they have received all information about your circumstances. Continue reading
Different Types of Personal Debts
We quite possibly have difficulties in differentiating between distinct types of consumer debt and banks can be less than useful in explaining these distinctions. One difference which is crucial to be familiar with is whether a particular liability is secured or unsecured. For example take circumstances where you are contemplating buying a car or some other type of motor vehicle. There are a wide variety of ways that you might use to pay for your new or second hand vehicle. If you have the available funds, you may pay wholly in cash. Then again you might purchase your vehicle through trading in your old car and paying the rest in cash. Continue reading
Solving Personal Debt Problems with Support from Europe
Most citizens of member states of the European Union (EU) are unaware of certain unexpected benefits that EU membership conveys in relation to personal insolvency. These benefits are rooted in the principle of the free movement of labour which EU citizens enjoy within the EU and are particularly relevant for those who find themselves overburdened by debt and threatened with aggressive insolvency proceedings in certain member states of the EU. Continue reading