A vehicle may be purchased for cash or by trading in your old vehicle and paying the balance in cash. You may also obtain an unsecured loan and purchase a vehicle using the loan proceeds only or together with cash of your own supplemented by the trade-in value of your own old vehicle.
(more…)In the second article in this series, we looked at the effects of insolvency on the careers of people working in the financial sector and particularly accountants.
(more…)In the first article in this series, we looked at the general effects of insolvency on the career of a professional.
(more…)There are some things to consider when you are thinking about doing an IVA and how it may or may not affect your partner. We have explained some of the criteria below that needs to be considered.
When you are married or co-habiting with a partner, many aspects of your life are equally shared, such as bills and household expenses, so it is logical that both of your incomes and expenses are considered as a whole, when it comes to one of you doing an IVA. Some utilities might be used in varying amounts by each of you, causing more expenditure in the household budget for one person over the other.
(more…)The Office of Fair Trading (OFT) in March 2012 published Debt Management (and Credit Repair Services) Guidance OFT366rev in which it addressed the responsibilities of creditors when dealing with third parties such as Debt Management Companies (DMCs) acting on a client’s or debtor’s behalf. This is some of what the OFT had to say in this publication:
(more…)The short answer is no. If you are insolvent and offer an IVA to your creditors, your proposals must include a Statement of Affairs. The Statement of Affairs must list all of your Assets and Liabilities and contain an Income and Expenditure Statement.
(more…)If we cannot pay our bills as they fall due there is often a price to pay in terms of creditor hassle. Our unsecured debts will usually be incurred through our use of store cards, credit cards, overdrafts and unsecured loans.
(more…)This is the first in a series of articles which will look at the effects on the career of a professional who becomes insolvent. It will compare the effects of two of the principal remedies available to such a professional i.e. Bankruptcy and Individual Voluntary Arrangement.
(more…)id you know that in the UK Bankruptcy is cheap? Well, perhaps it is not exactly cheap if you are struggling to makes ends meet and you are unable to pay your bills.
(more…)This is the second of two articles which look at the attitude of creditors towards an IVA proposal.
(more…)Many debtors who entered into Individual Voluntary Arrangements (IVAs) three or four years ago are now worried that their IVA may fail because of the sharp fall in property values.
(more…)It has long been standard practice for creditors to require some part of equity in property to be released and contributed by debtors who own such property and who enter into Individual Voluntary Arrangements (IVAs).
(more…)The first thing that creditors look for in an IVA proposal is the truth. They expect the debtor to be open, frank and honest.
(more…)The short answer to this question is ‘YES, but…!’ The scope of the question is too broad to address fully in a short article.
(more…)People may refrain from proposing an IVA to their creditors for fear of what may occur at the Meeting of Creditors, which decides if the IVA is approved or rejected.
(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.
(more…)People understand income. It’s simply money coming in. Wages, salary, pension, child benefit, tax credits, dividends, interest on deposit accounts are all forms of income.
(more…)Back at the end of 2009 we noticed a significant swing away from bankruptcies and towards IVAs. It is interesting to look at what has been happening since then and particularly whether that trend has been sustained. The short answer is that it has and the numbers of individuals choosing bankruptcy has plummeted in the last four years.
(more…)When customers get into financial trouble, what do creditors want them to do? The credit business is simply that – a business. Creditors want their customers to adhere to the terms of their credit contract.
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