Owner: IVAs Advice URL:http://www.ivas-uk.blogspot.com/ Join Date: Mon, 19 Nov 2007 10:09:26 -0600 Rating:0 Site Description: IVA Help UK - Individual Voluntary Arrangements - Debt Help and Management UK, Help with IVAs, Debt Management Plans, Bankruptcy, Consolidation Loans, Remortgages and Informal Arrangements Site statistics:Click here
HELP! – DEBTS, REPOSSESSIONS, IVAs & BANKRUPTCY 2008-02-26 03:37:00 A debt is a sum of money owed from one person or institution to another person or institution and can be split into unsecured and secured debt.Typically “unsecured” debts involve smaller amounts of money and consist of credit card debts, bank overdrafts and small loans for which you have not been asked to put up any security. The lender (bank, credit card company or other financial institution) cannot seize any of the borrower’s possessions if the balance remains unpaid. However, they may engage the services of a collection agency or even a lawyer to recover the debt through the Courts.Secured debt is money loaned against “collateral”, which is usually a tangible asset such as your home or car. A legal charge is created over the asset. Examples of secured loans include mortgages
The most depressing day of the year 2008-01-24 10:39:00 I was sat in front the TV on Monday this week, eating my cereal whilst getting my dose of BBC Breakfast news as normal, when low and behold the news reader announced that Monday 21 January 2008 was officially the most depressing
day of the year.Mondays are probably quite challenging for most of us as we drag ourselves out of bed to begin the new working week, couple that with some financial upheaval this week and severe flooding, all on Monday, and I can see where they are coming from.However, this “most depressing day of the year” is not a new claim.A couple of years ago, a scientist at Cardiff University, Cliff Arnall, developed a formula for calculating the most depressing day of the year. His formula expresses the relationship between poor weather, post-Christmas debt, time passed
IVA - THE ADVANTAGES AND DISADVANTAGES 2007-12-13 08:45:00 According to statistics produced by the Insolvency Service, they recorded 26,072 personal insolvencies in the 3rd quarter of 2007, of which 10,239 were IVAs. Out of 82,279 personal insolvencies recorded so far this year, 33,535 of these have been IVAs, representing 40% of the total. It is clear from the figures above that many individuals feel that the Individual Voluntary Arrangement, or IVA, is their light at the end of the tunnel. Indeed, the IVA is both a flexible and effective method of dealing with debt which offers debtors the protection they need from further legal action in respect of their debts, flexibility with regard to what assets are used to satisfy their debts, and none of the restrictions associated with bankruptcy. Creditors also benefit from a higher return than can usua
Starting an IVA 2007-11-14 10:48:00 Who Can Use An Individual Voluntary Arrangement (IVA)? The use of an IVA as a way to solve your debt problems is available to anyone. Your ability to undertake an IVA is based on your financial circumstances and not your job or profession. An IVA can help anyone who is experiencing difficulty managing their level of debt, and is particularly beneficial for those people who own property which may be at risk if they were to be made bankrupt. An IVA might benefit you if: Your creditors will not agree to an informal debt management arrangement You have already tried other, more informal methods of tackling your debt, but these have failed You owe money to too many creditors making the option of an informal debt management arrangement impractical You are facing the threat of bankruptcy, or
How an IVA works 2007-11-14 10:46:00 All your outstanding debts are rounded up into the arrangement and settled within a reasonable and fixed period of time, usually 5 years. It is likely that any interest and administration charges will be frozen as at the date of approval of your arrangement. Once you have decided that an Individual Voluntary Arrangement is right for you, an Insolvency Practitioner, or IP, will assist you in preparing your proposal by asking you a number of questions regarding your current financial situation. This information forms the basis of your proposal and enables the IP to calculate a potential monthly payment. Although the IP helps you draw up your proposal and may suggest what sum of money you should pay into your IVA each month, it is still your proposal. Once drawn up, you need to check you are
What is An IVA? 2007-11-04 17:20:00 Individual Voluntary Arrangements, or IVAs were first introduced by the government under the Insolvency Act 1986 as an alternative to bankruptcy.An Individual Voluntary Arrangement (IVA) is a formal insolvency procedure. It is an agreement made between you and your creditors whereby you and your creditors come to an arrangement that you will make affordable monthly payments from your income and/or utilise your other assets in order to pay off a percentage of the total amount of your debt. As a general rule an IVA lasts 5 years and, provided you meet your obligations under the agreement, at the end of the 5 years your debt is classed as settled.The IVA is an extremely powerful tool enabling you to put forward a deal to your creditors by way of a proposal which, if approved by the required m
What debts can I include in an “IVA” or Individual Voluntary Arrangement? 2008-04-09 04:50:00 In order to advise you properly with regard to your debts and the options available to you to get yourself out of debt, your insolvency practitioner or other debt advisor will need information about all your creditors.Your creditors may include
the following:Secured creditors - such as your mortgage provider or any creditor whose debt is secured on your home and/or any other assets;Landlords - if you are tenant or rent a workshop, offices etc;The Crown - typically tax owed to the HM Revenue & Customs; Unsecured creditors - creditors without any security for their debts, such as credit cards, store cards, personal loans and bank overdrafts (if unsecured), amounts due to utility and phone companies, council tax. If you are in business it would also include most trade creditors;Finance c Read more:Individual
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Student debt - practice makes perfect 2008-04-09 04:35:00 According to an article in The Telegraph last summer, thousands of students run the risk of bankruptcy each year after accumulating debts whilst at University and as many as 1 in 10 university students could be declared insolvent as a result of borrowing money to pay for increasing tuition fees and living costs.The Telegraph article quotes the uSwitch.com price comparison website which suggested that students starting university in 2007 are likely to face total debts of up to £3.2 billion, which is three times the figure for 1997 while Push.co.uk, the university guide, claims that freshers inducted during 2007 will owe up to £21,000 by the time they graduate.More worrying is that previously some graduates have actively sought to declare themselves bankrupt in order to avoid paying back t Read more:Student
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Till debt do us part 2008-04-09 04:11:00 In January this year, the BBC reported that five million people, which equates to 1 in 10 adults, spend more than they earn each month, according to figures compiled by the financial comparison website uSwitch.com. Overdrafts and credit cards generally provide the funds to enable these individuals to spend beyond their means. The number of credit cards issued has increased to 71 million from 36 million over the past 10 years. In a separate BBC article, more and more families are relying on 2 or more salaries to make ends meet. In fact, 51% of working families with more than one child feel that they are struggling to cope with increasing household bills and spiralling debt. In addition to higher mortgage costs and increases in household bills such as council tax and utilities, the
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