Most IVAs have a typical duration of five years from commencement. However the duration will depend on the debtor’s circumstances, particularly the key factors of assets, debts, income and expenditure and the attitude of creditors as expressed at the meeting of creditors which precedes the commencement of the IVA. In practice the debtor’s IVA proposal spells out the proposed duration and this may be as short as a few months to as long as seven years.(more…)
It’s difficult to say whether or not an IVA (Individual Voluntary Arrangement) is the right choice in any one person’s circumstances. However, your income will be one of the deciding factors in whether an IVA is a realistic option.(more…)
If you’re struggling to meet your debt demands you’ll know how stressful dealing with creditors can be. One of the advantages to using an IVA if you’re in this situation is that your Insolvency Practitioner (IP) handles all of the negotiations for you. Also, the terms of the IVA bind the creditors legally and prevent them from pursuing unwarranted action against you.(more…)
When you explore the use of an Individual Voluntary Arrangement, you will be required to put forward a proposal to your creditors. Your creditors will vote as to whether or not the IVA proposal is acceptable to them.(more…)
The details of an IVA (Individual Voluntary Arrangement) vary on a case by case basis. There are many factors affecting whether or not an IVA will go ahead, and of course whether it will be a success if it does. Your income is always going to be one of the major factors in what happens with an IVA.(more…)
If your debt situation has ended up with the threat of legal action, it can be extremely stressful. An IVA (Individual Voluntary Arrangement) can be enormously helpful in these cases, and use the law to protect you against such threats.(more…)
If you can no longer manage your debts, there is always a possibility that you may become bankrupt. There are options that you can explore before accepting this outcome, one of which is an Individual Voluntary Arrangement.(more…)
IVAs are used to help people in situations where their debts are no longer manageable. In addition to avoiding bankruptcy, an IVA can put you in a better position to repair your credit rating in the future.(more…)
If you’re struggling with debts, it can be tempting to take decisions quickly without taking the proper time to consider them fully. However if you do take this time you are far more likely to reach decisions that will help rather than hinder you in the long term.(more…)
When your finances are in a bad enough state that you are having to consider an IVA (Individual Voluntary Arrangement ), it’s best to make sure you understand the potential costs involved.(more…)
When you propose an IVA to your creditors, you are proposing to pay a certain amount to them over a set period of time, but of course no one can tell for sure what’s going to happen during that period. IVAs are fairly flexible for this reason, as there is a chance that your finances will either improve or deteriorate further once the IVA is ongoing.(more…)
IVAs are carried out within the legal system, and therefore comprise a legal contract. However, this does not mean that the payment amounts are set in stone. Your Insolvency Practitioner has the responsibility not only of setting up the IVA, but also of administering it whilst it is in progress. This means that they will keep an eye on your finances throughout the IVA period, and may suggest changes to it at any point.(more…)
IVAs are tailored to individual circumstances, and so there is no way of predicting how much the monthly payments are likely to be. In general most IVAs involve paying at least around £200 per month.(more…)
It’s impossible to say whether or not an IVA is the best possible option in any particular situation, which is why you really need to seek the advice of an expert if you’re considering one. If your debt situation is at the point where you really can no longer manage it, you should speak to an Insolvency professional as soon as possible to work through your options.(more…)
Individual Voluntary Arrangements are intended specifically to be used for unsecured borrowing. These types of borrowing include credit card debts and unsecured loans, but do not include borrowing that is secured against an asset, such as a mortgage or secured loan.(more…)
If you have debts that are no longer manageable, and are considering measures such as an IVA to avoid bankruptcy, then you probably need to think twice before considering getting further borrowing before your existing debts have been taken care of.(more…)
When it comes to unmanageable debt, it’s impossible to say what will help in any particular situation. If your finances are becoming a real struggle, you should speak to an expert as soon as possible. If bankruptcy is a real possibility, it’s best to speak to an Insolvency Practitioner (IP).(more…)
IVAs are designed for unsecured borrowing, including consumer debt such as credit cards or personal loans that are not secured in any way. IVAs can be used only for personal debt owed by individuals.(more…)
The general attitude of people to HMRC is one of healthy respect, recognizing that it is an arm of government just doing its statutory job. When financial problems begin to arise in one’s business that respect can be tinged with anxiety, even worry and occasionally fear.(more…)
One of the real benefits to using an Individual Voluntary Arrangement is that it gives you a level of protection from being pursued through the courts for your debts. If your creditors agree to an IVA, and as long as you keep to the agreement (i.e. keep up with the payments agreed in it), they cannot then take any legal action against you regarding the debts concerned.(more…)
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