Latest Articles
Can I keep my car on finance 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 effective... Read more
Self-employed and struggling with debts
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 paying... Read more
Do I have to involve my partner in my 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 (ma... Read more
Is my house safe 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 representi... Read more
When a DMP may be better than an IVA
Charlie had mounting debts and the COVID pandemic had severely reduced his income. He runs a business and was used to drawing a regular salary plus significant divi... Read more
When an IVA may be better than a DMP
Clive had been stuggling with debt for many years. What started as a manageable credit card debt somehow escalated over time, with loss of earnings for a period an... Read more
Debt Management Plan advantages
1. It's a private agreementA Debt Management Plan is not a formal insolvency procedure. As such your name is not included on any formal register. No-one will find o... Read more
IVA advantages
· Debt free in 5 years (occasionally IVA’s last longer but 5 years is the norm). · ... Read more
IVA’s – too good to be true?
That is the reaction of some people on hearing that no further interest will be added, significant amount of debt will be written off and they be legally protected from... Read more
IVA’s – too risky to be considered?
We often on this site extol the virtues of IVA’s. They do indeed work as a great debt solution for many people. But not for everyone! And if you find yours... Read more
IVA’s – too severe to consider?
For some, an IVA is just too scary to contemplate. It’s a big step of admitting that we can’t manage our debts any longer and we need help. And handing o... Read more
IVA’s – too much work to set up
Strangely for some, the prospects of gathering all necessary documentation necessary for an IVA can prove a task too far. Some find it difficult to track down their... Read more
Debt Solutions - IVA
An Individual Voluntary Arrangement (IVA) is a formal and legally binding arrangement between you and your creditors to pay back what you can of your debts over a period of time. I... Read more
Debt Solutions - Debt Management Plan (DMP)
A DMP is an informal agreement between you and your creditors for paying back your non-priority debts. Non-priority debts are things like credit cards,... Read more
Debt Solutions - Debt Relief Order
A Debt Relief Order (DRO) is one way to deal with your debts if you: owe £20,000 or lessdon’t own your own homedon’t have other assets or things of... Read more
Debt Solutions - Bankruptcy
Bankruptcy is a form of insolvency and is normally only suitable if you can’t pay back your debts in a reasonable time. Assets you own, such as your house or car... Read more
Lump sum IVA’s in times of Covid
Clearly offering a lump sum as a Full & Final IVA is not an option for many of us. If we had a lump sum then we may have already used it towards our debts. But st... Read more
Lump sum IVA’s – the pros and cons
The advantages of a Full & Final IVA over against a more normal fixed length of monthly payments IVA are fairly obvious. The 5 or 6 year IVA involves tight bu... Read more
Lump sum IVA's - a personal story
A Full and Final IVA – Jane’s story Jane explained that she had been struggling with debt since her late teenage years over 10 years ago. Overspending whe... Read more
What is a fast track IVA?
The assumption often is that the IVA’s are fixed in length (usually 5 years) and based on affordable monthly payments. But there is a different sort of IVA that is based... Read more
IVA life stories - when an IVA may be a mistake
Graeme did all the right things with regard to his debt. He researched options. He spoke to 3 different companies and didn’t allow himself to be pr... Read more
IVA life stories - starting a family
The arrival of Hannah was meant to be one of the happiest events in Felicity and her partner’s lives. And indeed it was. However, Felicity on sharing her stor... Read more
IVA life stories - facing the facts
Looking back, Brian was unsure why he had been so reluctant to admit there was a problem with debt. All debts were paid on time, and because his outstanding credit r... Read more
IVA life stories - Full & Final
Jane explained that she had been struggling with debt since her late teenage years over 10 years ago. Overspending when she first was offered credit led to pat of her in... Read more
Post IVA questions - 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 the property... Read more
Post IVA questions - learning to save again
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... Read more
Post IVA questions - should I rebuild my 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 da... Read more
Post IVA questions - what if my IVA fails?
A surprisingly large number of IVA’s do fail before completion. Sometimes this is the fault of the debtor. They failed to disclose vital information abo... Read more
An IVA whilst on furlough
With millions now on furlough the question is being asked, can an IVA still be for me? And the short answer is yes it might be. We may be receiving help from creditors or help... Read more