When you are considering an IVA, there are two main questions that might be on your mind.
Continue reading“Will my monthly IVA payment be affordable?”
“Will I have enough money to live on each month?”
Income & Expenditure
Income and Expenditure information provided by McCambridge Duffy
Annual IVA review may affect payments
When you offer creditors an IVA proposal, they will carefully consider if your offer of payment is fair. They will look at your income and your household expenses and take into account any special family circumstances that may impact on your ability to make your debt repayments, 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
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
Choosing What Bills Are The Most Important To Pay First
People have to live so in assessing which bills to pay first, one must consider the essentials of life – food and shelter.
Making sure you pay your priority debts comes before all your other debt payments and is regardless of whether you are getting pressure from your creditors. Your priority debts are paying for somewhere to live, food and drink, clothing and heat & light, your main necessities. Priority debts may also include your mortgage. So then you must aim to pay these bills first – the mortgage / rent, utility bills including heat, light and water, and of course food, drink and clothing. Even in a situation where there is insufficient income or money to pay all of the bills, these essentials of life must command the most attention from us or day to day living will become impossible. Continue reading