Personal Finance guide

An IVA (Individual Voluntary Arrangement) is an insolvency solution, designed for people with an unmanageable level of unsecured debt that they can’t afford to repay within a reasonable amount of time but that they can commit to making regular monthly payments towards.

An IVA is designed to get borrowers out of debt in (in most cases) 5 years. You will be required to pay most of your disposable income (total income minus essential expenditure) to your IP (Insolvency Practitioner), who will subsequently distribute funds amongst your unsecured creditors according to how much you owe each of them (this is called a pro rata payment). Continue reading ‘What is an IVA variation?’ »

Certain times of the year make people think about their debt. Christmas (the obvious one), children’s birthdays and vacation time are just some of the times when people turn their mind to what cash they have and to what money they owe. The Ostrich that lurks within most people, who find themselves in debt, may scream to keep their heads in the sand, but he’s not going to help find the money for next months payments. There are many good reasons for those who are concerned about debt, to finally take their heads out of the sand and broach this scary topic. Those who are in debt which is unmanageable do have options. Debt management companies have a range of services and are now available to help with managing debts and negotiating with companies on the behalf of their clients, so clients need not feel alone.

Worry can run away with a person and make people blow situations out of all proportion.

Continue reading ‘How To Start Dealing With Debt’ »