A Debt Management Plan is a plan to help people to manage and repay their unsecured debts when they encounter financial problems. A Debt Management Plan involves working out a monthly budget on which the debtor can live with surplus cash being used to pay off debts.
(more…)If you’ve found yourself simply unable to meet your outgoings and are facing bankruptcy, there may be more options than you think. You should seek the advice of a professional such as an Insolvency Practitioner to work out the best way to move forward.
(more…)Whether or not an IVA (Individual Voluntary Arrangement) is something that will be either available to or suitable for you really depends on your own particular circumstances. The best way to work out what your options are is to discuss your case with an Insolvency Practitioner.
(more…)Being in a Debt Management Plan (DMP) should in itself not prevent you from offering proposals for an Individual Voluntary Arrangement (IVA) to your creditors.
(more…)Any person can offer IVA proposals to their creditors provided they are insolvent. It is not necessary to own a home or indeed any other asset such as a car or boat.
(more…)Most people maintain a current account into which their wages or salaries are often paid by their employer via BACS or by other such means.
(more…)Debt Management is a simple process to reduce and clear all outstanding debts without obtaining further credit.
(more…)Many people purchase vehicles without clearly understanding whether the finance is provided via a HP agreement or an unsecured loan. There is an important difference.
(more…)Reputable insolvency firms which offer financial solutions do not charge upfront fees when financially distressed clients initially contact them.
(more…)In the first five articles in this series, we looked at the possible effects of insolvency on the careers of those engaged in a variety of professions: accountants, members of the police and of the armed forces, members of the medical, dental, veterinary & pharmaceutical professions and those engaged in the practice and administration of law.
(more…)Creditors have three choices when they meet to decide on a debtor’s IVA. Their first choice is to accept the proposal as it stands.
(more…)It’s almost that time of year again when thoughts turn to Santa Claus, family re-unions, getting together with friends and the innocent joy of children.
(more…)In the fourth article in this series, we looked at the possible effects of insolvency on the careers of those engaged in the medical, dental, veterinary and pharmaceutical professions.
(more…)In the third article in this series, we looked at the possible effects of insolvency on the careers of members of the Armed Forces and of the Police.
(more…)A trader proposing to do an IVA should be aware that HM Revenue & Customs (HMRC) now try and insist on completion of Self Assessment (SA) returns before supporting the proposal.
(more…)The short answer is yes – in certain circumstances you can enter an Individual Voluntary Arrangement (IVA), without your partner’s knowledge, provided of course that you are insolvent.
(more…)Co-habiting partners, whether married or not, share most aspects of their lives. Although each partner often earns their own income independently of the other, many couples share the burden of paying for their normal living expenses on a mutual basis.
(more…)In the current recession many of us are asking ourselves this question. Many more of us are afraid to ask the question and simply adopt the ostrich solution – stick our heads in the sand.
(more…)One of the great concerns for people who are considering entering into an Individual Voluntary Arrangement (IVA) is what might happen if they lose their job and are unable to make their monthly contributions to their IVA.
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