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Need Bankruptcy Advice

If your debt situation has become unmanageable to the point where bankruptcy may be possible, it’s imperative that you get solid advice. Even if you cannot meet your debt payments anymore, this does not necessarily mean that you will definitely have to go bankrupt, as there are other possible consequences that are much less serious.

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Who can an IVA help?

Individual Voluntary Arrangements have a few restrictions, but are generally pretty flexible, and can help a lot of people to get themselves into better situations. Whether an IVA will help you is something you can only establish with professional advice.

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Who can administer an IVA?

If you’re interested in using an Individual Voluntary Arrangement (IVA) to deal with your financial difficulties, you’ll need to use the services of an Insolvency Practitioner (IP). An IVA can only be carried out through a set series of legal processes, and only certain individuals are licensed to carry these processes out within the law.

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Choosing the Right Insolvency Practitioner

If you’re going down the route of bankruptcy, insolvency or are considering measures such as an IVA, you’ll need the services of an Insolvency Practitioner. IPs in the UK must be licensed to act in matters of insolvency, and the discipline is regulated by the Insolvency Practitioners’ Association.

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Will I get an IVA?

The requirements for getting an Individual Voluntary Arrangement are really quite flexible. If you’re struggling to pay your debts an IVA may well be an appropriate option for you, but does depend on the details of your case.

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Will an IVA clear my debt?

If you want to know if an IVA will help you get out of debt, the short answer to this question is maybe. How useful an IVA is likely to be really depends on the details of your own personal circumstances.

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Why do I need an Insolvency Practitioner?

If you are in the position of being unable to keep up with your financial commitments and are facing insolvency or bankruptcy, you may need to go through certain legal processes. Insolvency Practitioners are the only professionals who are licensed to carry out certain legal activities within the UK. If your case involves these processes then you will indeed need to use the services of an IP.

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What happens in an IVA

If you’ve decided, with professional advice (e.g. from an Insolvency Practitioner) to go for an IVA (Individual Voluntary Arrangement), there are a series of things that will happen.

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What is the Purpose of an IVA?

The purpose of an IVA or Individual Voluntary Arrangement is really to strike a balance between creditor and debtor. If you can’t manage to pay your debts as per the agreements you originally took out, an IVA can help you to avoid bankruptcy.

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What is an Insolvency Practitioner?

An IP, or an Insolvency Practitioner, is a professional who specialises in the field of Insolvency. All IPs in the UK are required to be licensed, and to conform to a set of professional standards. The practise is regulated by the Insolvency Practitioners Association, who also set out the required standards.

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Income change during IVA

If you’re struggling with mounting debts, you’ll know all too well that it’s impossible to predict what state your finances are going to be in from one year to the next. If you are in an Individual Voluntary Arrangement (IVA) this normally involves a payment plan that lasts a few years. However, it goes without saying that many people will have changes in their finances during this time.

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Miss an IVA Payment

IVAs are a legally binding contract between you and your creditors, but there is an amount of flexibility built into them. Your IVA will be administered by an Insolvency Practitioner (IP), and they will be responsible for monitoring it and you throughout the term.

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Cant do an IVA

When you’re struggling to keep up with your debts, it can seem like you have fewer and fewer options as things get more and more out of control. However, with the right advice you might find that things aren’t as dire as you think.

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Pay off my debt

Nobody likes to be in debt and if you are to pay off your debts to your creditors the money has to come from your surplus income or from the sale of some or all of your assets or with funds provided by a friend or relation who is willing to help you (whether or not they expect you to repay them in the future) or you must find some way of getting your creditors to accept less than full repayment or from some combination of these – that is, assuming you do not win the lottery!

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Setting up an IVA

If you have decided, with the help of an Insolvency Practitioner, to apply for an Individual Voluntary Arrangement (IVA) to help manage your debts, there are a number of things that will happen. Your IP should keep you informed throughout the process, and will be able to explain what is going to happen at each stage.

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IVA to help Credit Rating

IVAs or Individual Voluntary Arrangements are designed to help people in very specific sets of circumstances.

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Important points about an IVA

IVAs or Individual Voluntary Arrangements can act as a really effective tool for people whose finances have become unmanageable. However, it’s worth making sure you understand the details of any such arrangement before taking any decisions.

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Options for unaffordable debts

The anxiety that comes with not being able to manage your debt payments can make life seriously stressful. It can seem like the more things get out of control the fewer options you have left. However, there may be more choices left than you think, and acting promptly and with the right advice is hugely valuable.

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Need IVA Advice

If you’re in serious financial difficulty it’s impossible to overstate the importance of getting good advice. This is particularly the case if your situation is moving towards insolvency or bankruptcy.

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Irish Insolvency since 2010

At the beginning of 2010 we were looking at the birth of NAMA and wondering what the government might do to help individual consumers who found themselves facing personal insolvency.

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Fees and key info

We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info. Please note: From time to time we may refer you to other services providers or charities such as the CAB.

MoneyHelper

If you’d like more information on other sources of free debt help and advice you can visit MoneyHelper – an organisation, backed by government and set up to offer free and impartial advice to those in debt. - Click here to visit MoneyHelper