In the United Kingdom, Individual Voluntary Arrangements (IVAs) are a formal alternative for individuals wishing to avoid petitioning for their own bankruptcy.
An Individual Voluntary Arrangement allows a debtor to repay what they owe for as little as 25 per cent of the original balances in a binding plan in which the creditors eliminate interest.
The […]
Archive for April, 2008
17 April 2008
IVA Provider
The not-for-profit group Myvesta provides free and confidential IVA assistance and advice. If you have any questions regarding an IVA or bankruptcy alternatives you can chat with a Myvesta senior advisor online for free and anonymously.
17 April 2008
IVA Payment Calculator
If you are considering a bankruptcy alternative solution like the individual voluntary arrangement then you can use the online IVA payment calculator to get an idea of how much you might have to pay each month using this solution.
17 April 2008
Interim Order
An interim order helps to protect the consumer during the early stages of an IVA (individual voluntary arrangement). The effect of the court granted order are:
no creditor can try and make the person bankruptcy;
no landlord may exercise any right of forfeiture by peacable re-entry;
no court proceedings or other enforcement action (including levy of distress) may […]
17 April 2008
Insolvent
The condition of being insolvent; the state or condition of a person who is insolvent; the condition of one who is unable to pay his debts as they fall due, or in the usual course of trade and business; as, a merchant’s insolvency.
To be insovent means to have the insufficiency or inability to discharge all […]
