Many people bought property before and during the boom expecting that by increasing equity over a period of years they would get a better return than they would otherwise. The plan was to buy a property at a reasonable price, let it out for a few years, sell it on and pocket the profits. Hence the boom extended to what became known as the ‘Buy to Let’ sector.
(more…)It is remarkable the degree of flexibility that can be built into a well constructed IVA proposal. It can just be like a well made suit – tailored to the precise circumstances of the debtor.
(more…)If you are insolvent and are considering entering into an Individual Voluntary Arrangement (IVA) you should check whether you have been overpaid Tax Credits in the past. Any such over payment may be entered as a debt in your IVA proposal provided the over payment has been ‘determined’ prior to the date of approval of your IVA. If you think you have been overpaid contact HM Revenue & Customs (HMRC) at its nearest tax office and bring your concern to the notice of officers. Request a Statement of Account (SOA) as soon as possible based on your latest income information.
(more…)It’s only natural to ask if creditors will take every penny of disposable income if we find ourselves in an IVA and leave us nothing for discretionary spending, for emergencies or for ‘rainy day’ events. The answer, in a nutshell, is no.
(more…)There are various parties to an Individual Voluntary Arrangement (IVA) who have to be informed about it because they have a vested interest in it. These include your creditors such as banks with whom you have overdrafts or loans, credit card providers – unless your accounts are in credit, other loan providers, mortgage lenders and car HP providers and so on.
(more…)When debts get to the point where bankruptcy is a real option, it’s vitally important that you make a decision that will be best for you in both the long and short term. Individual Voluntary Arrangements are frequently used to avoid bankruptcy, but are only useful in a certain set of circumstances.
(more…)The general public has a perception that soldiers have secure well paid employment and do not have financial problems like the rest of society. Nothing could be further from the truth.The death of a spouse, divorce or separation, unplanned pregnancy, poor health, the loss of overtime or simply living beyond one’s means can trigger a financial crisis for soldiers and their families with an impact far greater than the general public realizes.
(more…)Police Officers are generally looked up to by the public at large as model citizens who provide valuable services and it is important that trust is maintained between the police and the public.
(more…)The only condition necessary to enter an IVA is that the debtor is insolvent or in simple terms unable on an ongoing basis to pay his or her debts as they fall due.
(more…)Before entering an Individual Voluntary Arrangement people may be concerned about payment of fees. This should not be a worry since it is really the creditors who pay the fees. Monies which the insolvent debtor contributes to the IVA go towards repayment of his or her debts. These contributions make up ‘the IVA fund’ and the fees of the IVA are paid from this fund.
(more…)To be eligible for an IVA you must first be insolvent so let’s assume that you are. There are alternatives to an IVA such as bankruptcy but let’s just consider an IVA as a solution for you by looking at the pros and cons.
(more…)From the debtor’s point of view the attraction of an IVA (Individual Voluntary Arrangement) is the length of the sentence, so to speak. In a DMP (Debt Management Plan), the sentence (i.e. the likely duration of the DMP) must seem to many debtors that it is going to last forever – without hope of parole.
(more…)The contrast between the UK and Ireland in dealing with personal debt problems is quite remarkable. The most startling contrast is perhaps the difference in the bankruptcy legislation.
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