This is a guest post by Nick Payne, a Chartered Accountant and Insolvency Practitioner who works for Payplan. Nick has over 20 years experience in Personal Insolvency. If you’re self-employed or own a small company and are struggling to pay your debts, you’re not alone. Recent research has shown that: those who are self-employed are more likely to have unmanageable debts than employed … [Read more...]
Articles about IVAs
If you would prefer to see the important articles grouped in a helpful way (what to read before agreeing to an IVA, problems that happen in an IVA etc), you will find Debt Camel's Guide to IVAs useful.
IVAs are great options for some people, but they are too often "sold" as an easy, affordable option to people who have better alternatives for sorting out their debts. Do your research!
If you are struggling with your IVA payments, you may be wondering if you can switch to a Debt Relief Order. Your IVA may have been sensible when it was started, but a change in circumstances (pay drop? new baby? separation?) may now be making it hard to afford the payments. Or perhaps a DRO would always have been better - quicker, cheaper, less risky - than an IVA for you but no-one explained … [Read more...]
If you are in the last few months of your IVA, you will be looking forward to making that last payment. It may feel a lot like getting to the finishing line of a marathon... But when should you cancel your standing order? How long does it take to get your completion certificate? And when exactly are your debts written off? This article looks at what happens at the end of an IVA. Are you sure that … [Read more...]
Aperture have now become the second large IVA firm in 2016 to be offering some IVA customers an "early exit loan". These loans will be provided by Sprout Loans. This follows the Creditfix / Perinta loans which started in July 2016. My verdict on the Creditfix / Perinta loans was that they are expensive, risky and many people in IVAs should avoid them. So are these Aperture / Sprout loans much … [Read more...]
IVAs are the most common form of personal insolvency in England. There were more than 12,000 IVAs started in the second quarter of 2016, 42% higher than the same period in 2015. Clear Debt has recently stated: Individual Voluntary Arrangements) (IVAs) have become the procedure of choice for those people who have debts they can’t pay and a regular income to enable them to make contributions to … [Read more...]
Some people have been told they can end their IVA by taking an "early exit loan" from Perinta Finance Ltd, via a broker called Just Lending. Creditfix, the biggest IVA firm in 2016, are sending these emails, but the loan may be available to people in IVAs with other firms. This is a new concept for IVAs. Is it a good one? This will depend on the details of your particular situation, but this … [Read more...]
A reader who had gone bankrupt recently was surprised to get a letter from "The Register of Bad Debtors". This offered to remove her name from their records if she pays them £49.95. She asked if BadDebtor can really do this? There are also reports that people with IVAs are receiving similar letters. UPDATES August 21 - the Bad Debtor home page has been replaced by an abstract moving graphic … [Read more...]
This is a guest post by Peter Sargent, an Insolvency Practitioner and Consultant at BHP Clough Corporate Solutions. He is a member of the IPA’s Membership & Authorisation Committee and former president of R3. The failure of Varden Nuttall (and its holding company), a middle ground IVA bulk provider has brought into sharp relief the current system of Insolvency Practitioner (IP) … [Read more...]
Here is my "League Table" for IVA firms in 2016, showing all firms that registered more than 250 IVAs in the first six months of 2016. The figures were supplied by the Insolvency Service to Louise Yates. The 2012-15 figures were full year figures and I used a cut-off for the table of "over 500" cases a year. As the 2016 figures are for half a year, I have halved the cut-off to "over 250". The … [Read more...]
If you want to talk about setting up an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you, which firm should you talk to? You could put IVA into google... but how do you decide which of the tempting "see how much of your debt you can write off" links to click on? Or you could choose the person that cold calls / texts you telling you about a little known … [Read more...]