If you are unable to pay your debts as they fall due or have fallen behind in your payments to creditors then you can understand what harassment by creditors is.
(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…)If you enter into an Individual Voluntary Arrangement (IVA) or a Debt Management Plan or go the Bankruptcy route, your credit worthiness will inevitably suffer.
(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…)I couldn’t help myself. I just wanted to bring a little happiness to my family and friends. I didn’t want my children to have to do without. We deserve a little happiness. Everybody overspends a little at Christmas.
(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.
(more…)People who want to find out about Individual Voluntary Arrangements (IVAs) or other financial solutions are sometimes wary about making enquiries and trying to obtain financial advice on the basis that there is no such thing as a free lunch.
(more…)The problem with entering into a Debt Management Plan is that it can last a long time. Indeed, that time could be over ten years for more than a quarter of the people going into a Debt Management Plan.
(more…)Let’s take Bankruptcy first. If you have a car on HP, the decision as to whether you will lose it in Bankruptcy will be made by the Official Receiver and the finance company once the bankruptcy order has been made.
(more…)For most of us it’s hard to imagine life without credit cards. We have become so used to our flexible friends that to give up using them is like a smoker giving up cigarettes.
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