Maintain your old Siemens Hipath system

IVA Information

If you're thinking about an IVA, it is essential to get the best information possible. This is because although an IVA can be a manageable way to resolve your debt problems, it can also represent a commitment of up to five years. Getting good IVA information is an important part of deciding whether you want one.

This article provides IVA information and an overview of the IVA process to help you make an informed choice about how to solve your debt problems.

What Is An IVA

The Insolvency Act of 1986 introduced the IVA as an alternative to bankruptcy. An IVA enables debtors to try and reach a settlement with their creditors which usually involves the repayment of the debt in monthly installments and a reduced repayment amount. An IVA is a legally binding contract between debtor and creditor.

Information About The IVA Process

You find an Insolvency Practitioner to act on your behalf to draft and propose the IVA to your creditors. The process of applying for and setting up the IVA usually takes about 4-6 weeks, which includes activities like fact finding, collecting evidence, drafting the IVA proposal, sending the proposal to the creditors and waiting to hear whether it has been accepted.

During this time, in the majority of cases, the debtors will only need to take part in minor activities at this stage like providing evidence and signing the documentation.

The IVA that is proposed to the creditors is based on what the debtor can realistically afford to pay over a five year period. In most instances, it is be made up of sixty monthly payments, although it can also include lump sum contributions such as from the release of equity from a property.

Whether or not an IVA is approved by the creditors depends on its receiving a 75% majority in favour of it. Most lenders have standard terms for what they will accept, which normally includes a reduction in the overall level of debt by as much as 75%.

When the IVA has been approved, it runs for a five years. During this time payments are made on a monthly basis into a fund governed by the Insolvency Practitioner. The money in the fund is used to pay off the creditors and the Insolvency Practitioner's fees.

Also during the period, the creditors are required to freeze all interest on the debts, and they are not allowed to pursue the debts.

If at the end of the five year period, the IVA has been satisfactorily completed, all of the debts are cleared.

Why Were IVAs Introduced

The IVA was initially designed as a convenient way of processing insolvency cases without incurring the costs and court time involved in bankruptcy proceedings. The IVA process is therefore much simpler than bankruptcy and the outcome is significantly less severe.

Information to Help You Decide If an IVA is Right for You

An IVA is appropriate for those who are unable to pay off their debts but do not want to file for bankruptcy. An IVA is likely to succeed if:

  • You have a minimum unsecured debt of around £15,000 -20,000.

  • You could make monthly repayments of at least £250-300.

  • You have a stable monthly income.

The Advantages Of An IVA

  • An IVA enables you to only pay back an agreed percentage of your debts

  • While an IVA is in place, your creditors are not allowed to harass you.

  • Unlike bankruptcy, an IVA doesn't affect your professional status or your ability to hold public office.

  • With an IVA, interest on your loan is frozen which means that your debt won't keep growing

Mike Curry runs a free and independent national IVA information and advice line called Clear Start. For further information, please click here: Individual Voluntary Arrangement or telephone 0800 138 5445.

In The News:

'We will do whatever it takes': Saudi minister on Iran threat
Sat, 21 Sep 2019 17:31:00 +0100
The Saudi minister for foreign affairs has told Sky News his country will do whatever it takes to defend itself against Iran.

The firefighter who has become Bangkok's top snake catcher
Sun, 22 Sep 2019 00:40:00 +0100
Pinyo Pukpinyo's job is not for the faint-hearted - he's Bangkok's number one snake catcher.

Girl shot dead in police op as she sat with her grandmother in minivan
Sun, 22 Sep 2019 01:44:00 +0100
Hundreds of people have been protesting after a child was killed by a stray bullet during a police operation.

Hard border in Ireland will return under no-deal - Juncker
Fri, 20 Sep 2019 16:33:00 +0100
A hard border will return on the island of Ireland if Britain leaves the EU without a deal, Jean-Claude Juncker has told Sky News.

UN welcomes Houthi vow to cease attacks on Saudi Arabia
Sat, 21 Sep 2019 20:55:00 +0100
The United Nations' envoy for Yemen has welcomed the Houthi rebels' vow that they will stop attacking Saudi Arabia, saying it "could send a powerful message of the will to end the war" in the country.



tikatoshop.it

Erfahrungen mit Pallhuber Wein
Agen Bola SBOBET Terpercaya

Travel in comfort and at your leisure with CT Airlink Limousine & Car Service for top quality private transportation and exceptional customer service. We operate Sedans, SUVs & Vans for CT Car Services to covering all Connecticut airports including Car Service from CT to Newark Airport , Mohegan Casino Uncasville CT, Foxwoods Casino Mashantucket CT, Manhattan Cruise Terminal NYC, Brooklyn Cruise Terminal NYC and Bayonne Cruise Terminal NJ. CT Airlink hire licensed and friendly chauffeurs who have in-depth knowledge of the Areas.

Debt Handling Solutions

Sometimes debt can seem overwhelming. In those instances, or even... Read More

British Families and Debt

There is current concern from the Bank of England that... Read More

Whatever You Do....Dont Save Money!

No, that's not a misprint. Even though falling interest rates... Read More

Is It Possible to Be Sued For My Debts?

It is possible for creditors and third-party collection agencies to... Read More

Debt Reduction, a Necessary Endeavour

Massive debt is something many Americans face. Debt reduction is... Read More

The Simple $10 Debt Elimination Solution

Ask a friend what resolutions they made for 2004 and... Read More

The New Bankruptcy Law -- How Will It Affect Debt Negotiation?

In April 2005, Congress made sweeping changes in U.S. bankruptcy... Read More

UK Debt When Moving Abroad

The idea of moving abroad to escape debt seems to... Read More

How to Protect Yourself: Debt Collections

So you are getting collection calls? You're desk is full... Read More

Life After Debt ? Strategies for Dealing with Problem Debt

Honorably and ethically rid yourself of burdensome debts using the... Read More

Home Equity ? Foreclosure Often Not Necessary in Current Market

While driving around your community, you may have seen signs... Read More

Get Debt Free

If you once have been caught in the debt trap,... Read More

Debt Consolidation and Personal Finances: Learn the Truth!

An inability to manage credit, growing debt and bankruptcy are... Read More

Life After Bankruptcy

Bankruptcy and Credit - What Happens After Your Debts Are... Read More

Bankruptcy - The Easy Option?

Incredibly, since the changes in the bankruptcy law in April... Read More

Hide That Car! Fighting the Repo Man

Vehicle repossession may appear justified in circumstances where a person... Read More

Debt Elimination

If you're reading this article right now I'm sure that... Read More

The Human Side - Debt Stress

In all the technical discussion you hear about credit... Read More

Credit Repair? Its All Up to You

Log onto to a search engine such as google.com and... Read More

Debt Recovery Can be Easy

OK, so you are up to your head in debt.... Read More

The Debt Free Lifestyle

Many people have been taught that you cannot get ahead... Read More

You Can Make Financial Resolutions Anytime

The New Year often brings with it a desire to... Read More

4 Simple Ways to Solve Your Debt Burden

Getting Behind Getting behind on your debts owed can be... Read More

Credit Counseling or Bankruptcy: Which is Best for You?

People often get to a place where they simply can't... Read More

Debt Elimination 3

Planning To Achieve Debt EliminationOnce you have started the process... Read More