Latest Articles
What happens at a creditors' meeting?
Once the groundwork has been done and the Insolvency Practitioner is satisfied that details are correct regarding a debtor’s income, outgoings, assets and de... Read more
Do I have to pay a fee to apply for an IVA?
There are always fees involved in an IVA. The Insolvency Practitioner is a professional who needs to be paid. Time and expertise are required in ascertaining... Read more
Will I need to open a new bank account in an IVA?
Except for the very few, we all need a bank account. And for many entering an IVA, they owe their own bank. Either an overdraft, a loan or a credit car... Read more
Lump sum IVA's
The assumption so far in this book is that the IVA’s we have been referring to are fixed in length (usually 5 years) and based on affordable monthly payments. But there is a differ... Read more
I have a car on finance - what happens in an IVA?
The number of cars on finance has rapidly increased in the past few years. PCP is now by far and away the largest method of such deals. It allows us to... Read more
Can I go for an IVA whilst self-employed?
The self-employed are not immune from debt problems. In fact given the erratic nature of their income, often cash flow problems emerge – bills need payin... Read more
Is it possible to propose a joint IVA?
Of necessity, an IVA is a single debt solution. The letter “I” in IVA stands for individual. However when it can be demonstrated that a couple (marrie... Read more
Could I lose my house in an IVA?
For homeowners, an IVA may well be a much better option than bankruptcy. In bankruptcy the house is at risk – the debtor may have to come up with a lump sum repre... Read more
Things to consider before choosing an IVA
· Possible release of home equity – if not possible then often debtors are asked to make IVA mont... Read more
When an IVA is not the right answer
Income levels could be a reason for avoiding an IVA. As already mentioned, it is possible to have too little or too much income. Too little income may mean that a mi... Read more
The benefits of an IVA
· Debt free in 5 years (occasionally IVA’s last longer but 5 years is the norm). · &... Read more
Facing up to our debt
The average household is £13,000 in debt (excluding mortgages). The average credit card debt is £2504 according to the Money Charity (March 2017). If we’re fort... Read more
ONCE MY IVA IS COMPLETED - surely not a new debt?
Despite the many the many success stories – lessons learned, vows of no further credit, rebuilt credit files and mortgage applications accepted &... Read more
ONCE MY IVA IS COMPLETED - the property ladder
One of the motivations for some people starting an IVA, is to deal with their debt, improve their credit rating and finally make a start on the property... Read more
ONCE MY IVA IS COMPLETED - savings
One of the main reasons people get into debt in the first place is that we have no emergency fund. When something essential goes wrong (boiler, car necessary for work... Read more
ONCE MY IVA IS COMPLETED - credit rating
For many, once the IVA is successfully completed they vow never to touch credit again. They speak of lessons learned and look back on the dark day’s pre-I... Read more
IVA LIFE STORIES - I almost messed up my IVA - Sonia’s story
After my car died I was left with no choice but to get out a short term bank loan for £3000.00. Once I had been accepted I naive... Read more
IVA LIFE STORIES - one year in – Rachael’s story
Unfortunately when I was with my husband we ran up a lot of debt due to his overspending and most of the debts were in my name due to his poor cred... Read more
IVA LIFE STORIES - a sense of helplessness - Yuri’s story
There were many different reasons for my need for an IVA. Change of job and relocation were two of the big ones. Miscalculation o... Read more
IVA LIFE STORIES - When things go wrong – Heather’s story
As a mum of 3 although working I guess things started by putting bits of clothes on the credit or store card when needed, the big one was... Read more
HOW TO SURVIVE LIFE AFTER AN IVA - Looking towards a mortgage
One of the motivations for some people starting an IVA, is to deal with their debt, improve their credit rating and finally make a start on... Read more
HOW TO SURVIVE LIFE AFTER AN IVA - Saving money
One of the main reasons people get into debt in the first place is that we have no emergency fund. When something essential goes wrong (boiler, car neces... Read more
HOW TO SURVIVE LIFE AFTER AN IVA - Rebuilding a credit rating
For many, once the IVA is successfully completed they vow never to touch credit again. They speak of lessons learned and look back on the d... Read more
HOW TO SURVIVE LIFE AFTER AN IVA Receiving the completion certificate
Once we have made our final payment into the IVA, it will be up to the Insolvency Practitioner to complete the IVA paperwor... Read more
Debt matters
The average household is £13,000 in debt (excluding mortgages). The average credit card debt is £2504 according to the Money Charity (March 2017). If we’re fortunate enou... Read more
The creditors’ meeting
Once the groundwork has been done and the Insolvency Practitioner is satisfied that details are correct regarding a debtor’s income, outgoings, assets and debts and an un... Read more
How much does an IVA cost?
There are always fees involved in an IVA. The Insolvency Practitioner is a professional who needs to be paid. Time and expertise are required in ascertaining the facts of an... Read more
Bank accounts
Except for the very few, we all need a bank account. And for many entering an IVA, they owe their own bank. Either an overdraft, a loan or a credit card (or all three!). In such cases the... Read more
Full and Final IVA's
IVA's are normally considered to be fixed in length (usually 5 years) and based on affordable monthly payments. But there is a different sort of IVA that is based on a lump sum off... Read more