The beauty about an Individual Voluntary Arrangement (IVA) is that it can be – and should be – tailored to the precise circumstances of the debtor.
(more…)When you enter into an IVA all unsecured accounts automatically go into default, given that you have ceased to comply with the terms and conditions of the relevant credit agreements.
(more…)Dreaming about being debt free is as natural as dreaming about achieving any other personal or professional goal. We dream about finding solutions to our personal financial problems which will wipe out our debts quickly.
(more…)Believe it or not, in certain circumstances you can do an IVA, even if your disposable income is zero. In the current recession many people have lost their jobs and those lucky enough to secure a new job sometimes find that their new salary is substantially reduced from before.
(more…)To enter into an IVA, you must be personally insolvent. This is a requirement of the 1986 Insolvency Act. Obtain advice from an Insolvency Practitioner (IP) who will be able to confirm to you whether you are insolvent or solvent.
(more…)Deciding what solution to go for is a serious business for the insolvent debtor. The usual choices are Bankruptcy – often described as the last resort option, an Individual Voluntary Arrangement (IVA) – seen as a relatively new solution although IVAs have actually been about for almost twenty five years now – and a Debt Management Plan (DMP).
(more…)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…)Debtors considering entering a Debt Management Plan will usually do it with the advice and assistance of a service provider such as the CCCS, CAB and Payplan or a commercial provider of insolvency services.
(more…)Oscar Wilde’s claim that a man who pays his bills on time is soon forgotten is probably as true today as it ever was. He also claimed that it was only by not paying one’s bills that one could hope to live in the memory of the commercial classes.
(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…)A would-be wit once sought to diminish Shakespeare’s reputation by proclaiming that his literary greatness was tarnished only by the volume of clichés he employed in his writing.
(more…)It is interesting to look back to 2009 and what we then felt needed to be done then to address the problems of personal insolvency so as ‘to alleviate the suffering of people with personal debt’.
(more…)Not a lot it must be said. Except of course for the pleasure we might have enjoyed when we incurred the debt. It might have been a loan to fund a holiday or to purchase a new car or a suite of furniture.
(more…)The short answer is yes, provided you are insolvent.
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