A Fast Track Voluntary Arrangement (FTVA) is a binding agreement with your creditors to pay all or part of the money you owe them. You can only enter into it after you have been made bankrupt.
In an FTVA the Official Receiver acts as nominee; that is, he (or she) helps you prepare a proposal to […]
15 April 2008
Enterprise Act 2002
The Enterprise Act 2002 was established to provide for the functions of the Office of Fair Trading, the Competition Appeal Tribunal and the Competition Service;
to make provision about mergers and market structures and conduct; to amend the constitution and functions of the Competition Commission;
to create an offence for those entering into certain anti-competitive agreements; to […]
15 April 2008
Discharge
What is “discharge from bankruptcy”?
It is a process that takes away the restrictions of bankruptcy and releases you from most of the debts you owed at the date the bankruptcy order was made.
You will normally get your discharge automatically, even if no payments have been made to your creditors, you are still making
contributions under an […]
15 April 2008
Debtors Petition
If there is no alternative to bankruptcy a debtor or joint debtors may become bankrupt voluntarily by completing and filing with the Official Receiver a prescribed document called a Debtors Petition along with a Statement of Affairs.
In the UK, if a creditor is owed £750 or more by a debtor they have the right to […]
15 April 2008
Debt Management Plan
A debt management plan DMP is an informal arrangement with your creditors to ask for reductions in payments and interest for those having financial troubles. This is the typical solution offered by almost every debt counselling organisation. But why?
You see, times change, things get better and so do great solutions for difficult financial troubles. Today […]
