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

Why creditors might reject your IVA

Incorrect financial information

Creditors take it for granted that you are truthful in your IVA Proposal about your current financial circumstances and how they arose. They expect you to be open, frank and honest and to disclose all relevant facts about your income, expenses, assets and liabilities. If a creditor is aware that you are hiding some important fact about your insolvency they then they will be dubious about the IVA proposal as a whole and be likely to reject it. 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

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.

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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

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

Interested in an Individual Voluntary Arrangement

If you’ve got money troubles and believe that you could be insolvent, you should find out more about an Individual Voluntary Arrangement (IVA) and ways in which an IVA might make life much better. Bear in mind that undergoing money anxieties in itself isn’t sufficient to be eligible for an IVA. It is essential to actually be insolvent. That means that you have to be unable to pay the money you owe once they fall due and that if you were to put up for sale any resources you might have, such as a home, would most likely realise insufficient money to pay off your due debts, despite the help of your earnings. Continue reading

How do Individual Voluntary Arrangements work

Assuming you have money worries and feel that you could be insolvent, you may want to understand an Individual Voluntary Arrangement, generally referred to as an IVA, and how it could possibly benefit you. Being aware what an IVA is and knowing the IVA approach makes it easier if you need to come to a decision whether to participate in this process or try some other sort of viable solution with regards to your monetary problems. Continue reading