For an Individual Voluntary Arrangement or IVA to work, each of the stakeholders needs to benefit from a successful conclusion to the process and these benefits need to be quantifiable and transparent from the start of the process.
(more…)During the property boom which preceded the recession many people began to dip their toes in the property market in the hope and expectation that increasing equity over a period of years would provide them with a reasonable or better return on their investments.
(more…)Most IVAs last for 60 months and entail making monthly payments over that time. While the IVA proposal sets out the Debtor’s offer of repayment to Creditors, it is only to be expected that Creditors will seek to increase the monthly payments if possible and realistic.
(more…)A joint debt is a debt taken out by two or more people but in most cases just by two and for the sake of simplicity in this article we will assume that there are just two parties to a joint debt or liability.
(more…)Most of us have personal money worries and want to do something about them. We know that there are solutions out there. The problem we have is that while we know that we need to do something, we don’t know where to begin and so many of us do nothing.
(more…)To offer an IVA to creditors, a debtor must be insolvent and be able to make contributions to the IVA to settle debts and to pay the administrative costs of the arrangement.
(more…)A good proposal for an Individual Voluntary Arrangement or IVA will have at its heart a sensible, realistic and well constructed Income and Expenditure Statement or I&E.
(more…)Recently published figures estimate that the cost of rearing a child from birth to twenty one years of age can be up to £200,000. When someone in an IVA becomes pregnant the prospect of trying to sustain the IVA during the pregnancy and especially after the birth can be a daunting one.
(more…)The short answer is yes, provided you are insolvent.
(more…)A current account is like a best friend of long standing, someone you have known for a long time and trust to help you. It is reliable and dependable. Sometimes you make demands on it that are bordering on unreasonable but it never lets you down.
(more…)To offer an IVA to creditors, you must be insolvent and at the same time afford to make contributions to the IVA to settle your debts and to pay the administrative costs of the arrangement.
(more…)An IVA is a formal agreement between you and your unsecured creditors to repay a portion of your debt over a limited period of time – usually five years, but it can be for a shorter period.
(more…)A concern for anyone who is considering entering into an Individual Voluntary Arrangement (IVA) may be whether people in general will become aware of their financial difficulties and particularly whether their family, friends, acquaintances or employer will learn about their IVA.
(more…)Once you enter into an Individual Voluntary Arrangement with your creditors you receive a copy of what is called the Chairman’s Report of the Meeting of Creditors.
(more…)The contrast between Bankruptcy and a Debt Management Plan is startling in terms of what creditors can expect to receive from borrowers who encounter financial difficulties.
(more…)In the world of personal insolvency, this is the key question facing the insolvent debtor. When both options are clearly spelt out, there is often a clear answer – but not always.
(more…)An IVA is an Individual Voluntary Arrangement and under the Insolvency Legislation a couple cannot offer a joint proposal to its creditors for an IVA.
(more…)Reputable firms offering personal insolvency services do not charge upfront fees to clients for initial consultation and advice.
(more…)Firms which offer insolvency services such as Individual Voluntary Arrangements (IVAs) or other financial solutions do so because it is a business and because they have an expectation of making a profit from the business.
(more…)With some obvious exceptional circumstances, the short answer is no. If you own a car and you need it for traveling to and from work, for family transport purposes or for your business (e.g. as a self-employed taxi driver) then it is highly unlikely that your creditors will insist that you get rid of it, when they vote on your IVA proposal at the Meeting of Creditors.
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