IVA and your creditors

If you’re struggling to meet your debt demands you’ll know how stressful dealing with creditors can be. One of the advantages to using an IVA if you’re in this situation is that your Insolvency Practitioner (IP) handles all of the negotiations for you. Also, the terms of the IVA bind the creditors legally and prevent them from pursuing unwarranted action against you. Continue reading “IVA and your creditors” »

IVA payments

IVAs are tailored to individual circumstances, and so there is no way of predicting how much the monthly payments are likely to be. In general most IVAs involve paying at least around £200 per month. Continue reading “IVA payments” »

Is an IVA a good idea?

It’s impossible to say whether or not an IVA is the best possible option in any particular situation, which is why you really need to seek the advice of an expert if you’re considering one. If your debt situation is at the point where you really can no longer manage it, you should speak to an Insolvency professional as soon as possible to work through your options. Continue reading “Is an IVA a good idea?” »

Can I get credit during an IVA?

If you have debts that are no longer manageable, and are considering measures such as an IVA to avoid bankruptcy, then you probably need to think twice before considering getting further borrowing before your existing debts have been taken care of. Continue reading “Can I get credit during an IVA?” »

IVA an Unsecured borrowing

IVAs are designed for unsecured borrowing, including consumer debt such as credit cards or personal loans that are not secured in any way. IVAs can be used only for personal debt owed by individuals. Continue reading “IVA an Unsecured borrowing” »

IVA and secured debt

Individual Voluntary Arrangements are intended specifically to be used for unsecured borrowing. These types of borrowing include credit card debts and unsecured loans, but do not include borrowing that is secured against an asset, such as a mortgage or secured loan. Continue reading “IVA and secured debt” »

Unsecured debt and an IVA

When it comes to unmanageable debt, it’s impossible to say what will help in any particular situation. If your finances are becoming a real struggle, you should speak to an expert as soon as possible. If bankruptcy is a real possibility, it’s best to speak to an Insolvency Practitioner (IP). Continue reading “Unsecured debt and an IVA” »

HMRC and IVAs

The general attitude of people to HMRC is one of healthy respect, recognizing that it is an arm of government just doing its statutory job. When financial problems begin to arise in one’s business that respect can be tinged with anxiety, even worry and occasionally fear. Continue reading “HMRC and IVAs” »

The Stigma of Bankruptcy

Bankruptcy is often referred to as the option of last resort for people. When you are in financial trouble you are desperate to find a way out. Many people try to avoid being declared bankrupt and some opt for another solution even though bankruptcy may well be the best solution for them. It’s hard to tell just how much the perceived stigma of bankruptcy affects their decision but it does appear that younger people are less concerned than the older generation about the stigma of bankruptcy. Continue reading “The Stigma of Bankruptcy” »

Ticking the Insolvency boxes in Ireland

Back in 2009 we looked at what the prospects were at that time for new legislation which would address the then burgeoning problems of personal debt and for many people the looming threat of personal insolvency. Continue reading “Ticking the Insolvency boxes in Ireland” »