Things to consider in an IVA

If you’re struggling with debts, it can be tempting to take decisions quickly without taking the proper time to consider them fully. However if you do take this time you are far more likely to reach decisions that will help rather than hinder you in the long term. Your choices can seem few and far between when you’re having debt troubles, but with the right advice you may well find you have more options than you think. Continue reading “Things to consider in an IVA” »

Costs of an IVA

When your finances are in a bad enough state that you are having to consider an IVA (Individual Voluntary Arrangement ), it’s best to make sure you understand the potential costs involved. Continue reading “Costs of an IVA” »

IVA and your income

The details of an IVA (Individual Voluntary Arrangement) vary on a case by case basis. There are many factors affecting whether or not an IVA will go ahead, and of course whether it will be a success if it does. Your income is always going to be one of the major factors in what happens with an IVA. Continue reading “IVA and your income” »

Legal action from creditors

If your debt situation has ended up with the threat of legal action, it can be extremely stressful. An IVA (Individual Voluntary Arrangement) can be enormously helpful in these cases, and use the law to protect you against such threats. Continue reading “Legal action from creditors” »

Getting ill in an IVA

If you can no longer manage your debts, there is always a possibility that you may become bankrupt. There are options that you can explore before accepting this outcome, one of which is an Individual Voluntary Arrangement. An IVA is a way to renegotiate your debts with your creditors and to propose paying them according to an alternative payment plan that is more manageable for you. Continue reading “Getting ill in an IVA” »

IVA and future credit

IVAs are used to help people in situations where their debts are no longer manageable. In addition to avoiding bankruptcy, an IVA can put you in a better position to repair your credit rating in the future. Continue reading “IVA and future credit” »

IVA and your job

It’s difficult to say whether or not an IVA (Individual Voluntary Arrangement) is the right choice in any one person’s circumstances. However, your income will be one of the deciding factors in whether an IVA is a realistic option. Continue reading “IVA and your job” »

The IVA Proposal Explained

When you explore the use of an Individual Voluntary Arrangement, you will be required to put forward a proposal to your creditors. Your creditors will vote as to whether or not the IVA proposal is acceptable to them. They may ask for changes to be made before they will accept it. The creditors will meet and vote on the proposal and, providing enough of them vote to accept it, it will go ahead. Continue reading “The IVA Proposal Explained” »

Pay increase in an IVA

When you propose an IVA to your creditors, you are proposing to pay a certain amount to them over a set period of time, but of course no one can tell for sure what’s going to happen during that period. IVAs are fairly flexible for this reason, as there is a chance that your finances will either improve or deteriorate further once the IVA is ongoing. Continue reading “Pay increase in an IVA” »

Cant make my IVA payments

IVAs are carried out within the legal system, and therefore comprise a legal contract. However, this does not mean that the payment amounts are set in stone. Your Insolvency Practitioner has the responsibility not only of setting up the IVA, but also of administering it whilst it is in progress. This means that they will keep an eye on your finances throughout the IVA period, and may suggest changes to it at any point. Continue reading “Cant make my IVA payments” »