IVA and Bankruptcy statistics

Back in 2012 we noticed a significant swing away from bankruptcies and towards Individual Voluntary Arrangements or IVAs. It is interesting to look at what has been happening since then and particularly whether that trend has been sustained. The short answer is that it has and the numbers of individuals choosing bankruptcy continues to decline sharply. Continue reading

Increasing IVA Payments

It is a matter of concern for people who are going into an IVA that creditors might increase their monthly payments to the point where they can’t afford to pay what is being demanded with the result that their IVA might fail. It’s an understandable worry but debtors should be reassured that creditors, by and large, only seek to increase monthly payments if it is possible and realistic and sustainable for the debtor. Continue reading

Debt Solutions in the UK

If you find yourself deep in debt, there are seven main options which you can consider to address your predicament. In England, Wales and Northern Ireland, about 98% of people who decide to do something about their personal debt problems opt for one of these seven courses of action. Which solution appeals to you? Which solution are you eligible to go for? See if your circumstances match any of them.

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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 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

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

Pros and Cons of an IVA

Looking at an Indivudal Voluntary Arrangement (or IVA) through the eyes of the insolvent debtor (the person in debt) reveals the pros and cons of the process. Once an IVA is accepted at the meeting of creditors, the debtor can look forward to enjoying a considerable number of advantages, provided they adhere to the agreed terms during the life of the IVA. There are also some cons for the debtor, both upfront and also if the IVA should fail in its term of supervision. Continue reading

How 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