IVA is short for Individual Voluntary Arrangement. It is a formal government back debt solution, used as an alternative to Bankruptcy.
If you suspect that you may be insolvent* (unable to pay your debts), you might be thinking about doing an IVA or going bankrupt. Certainly if you have been defaulting on repayments of unsecured loans and if you have only been able to make minimum payments on your credit cards or store cards, there is a good chance that you are indeed insolvent.
*One definition of insolvency is the ‘inability to repay your debts as and when they fall due’. Continue reading
There are a huge number of people in Debt Management Plans in the UK. Many of them have varied circumstances as to why they are in Debt Management over other solutions. Some may be solvent but to pay off their debts in full in accordance with the terms on which they borrowed the money in the first place they would have to dispose of some of their assets such as a house, and many of them are not prepared to do this. Continue reading
If you or your partner should become pregnant during the term of you or your partner’s IVA, it can be a worry that the reduced family income and the increased family expenditure may cause the IVA to fail because you may be unable to sustain the monthly contributions to your IVA. However, there is no need to panic. Continue reading
Many of us don’t really regard our current account as being a proper debt in the normal meaning of the word. Over time, we think of our current account as being our friend and almost like a member of our family. We lodge money into it, pay bills from it and withdraw money from it when we need to. If you could love an account this would be the one. Continue reading
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
A question that we are asked regularly is if someone who has debts in the UK and lives outside of the UK, can they do an IVA in the legal jurisdiction of the UK while still continuing to live abroad. The short answer to this question is ‘YES, but…!’ Continue reading
If you are insolvent and considering offering IVA proposals to your creditors you should be aware of the standard treatment of joint debts in an IVA and how your IVA is affected if you have one or more debts jointly with your spouse or partner. A joint debt is a debt taken out by two or more people but in most cases just by two people.
Continue readingIf you are sick or injured, you don’t have to be a medical expert to know that you need to go to a doctor for treatment. You just instinctively know that you don’t feel well and that your GP will in all likelihood be able to help you. The process is simple: you go along to see your doctor. You describe your symptoms or condition, the doctor may ask you questions, may perhaps examine you, may initiate some tests, may offer you his or her diagnosis of your condition or injury, may prescribe medication or other treatment, may refer you to a specialist or a medical consultant or may send you to hospital. Continue reading
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.
Figures just released by the Insolvency Service show a significant swing away from Bankruptcies and towards IVAs in the second quarter of 2014 when compared to the same period last year. Second quarter figures for 2014 show that, in England and Wales, IVAs reached a record high of 14,571 an increase of over 20% on the same quarter in 2013 and a historic high for any quarter since the legislation which created the IVA solution was introduced in 1986. Continue reading
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