Cars on finance can be a difficult problem if you are thinking of an IVA or already in one. And with more than a million cars a year in the UK being bought on finance, this is an increasingly common situation. It can make a big difference if you are leasing a new Range Rover or if you have a 5 year old small hatchback on HP! You will need to talk to your IVA firm about your particular … [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!
A couple of readers have asked about a letter they have received from ClearDebt about their IVA which finished years ago, so I guess a lot of people are getting a similar letter. Here is one of the comments: I started IVA in 2007 and completed it in 2012, getting my completion certificate. I've just had a letter from Clear Debt who was one of many companies handling the IVA as we were being past … [Read more...]
Which are the best IVA firms to talk to if you are interested in an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you? If you put IVA into Google, 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 government … [Read more...]
On 11 April the Harrington Brooks/One Advice group of companies were put into administration. They are a major commercial provider of debt solutions and the same day it was announced that their clients were being transferred to two Think Money brands: their Debt Management Plan (DMP) clients have been transferred to Gregory Pennington Ltd; their Individual Voluntary Arrangement (IVA) … [Read more...]
On 26 January 2018 the Insolvency Service published two sets of statistics: Individual Voluntary Arrangements: Outcome Status 1990 – 2016 Insolvency Statistics: October to December 2017 Predictably the news stories about this lead on the statistic that personal insolvency went up: The number of people who became insolvent jumped by 9.4% in 2017 - the second year running that … [Read more...]
If you are thinking of starting an IVA, the Insolvency Service's IVA Outcomes - 2017 has some useful information about how many years IVAs usually last for and what is the success rate for IVAs. How long do IVAs last? IVAs are promoted as lasting five years, with an extra year being added on the end if you have a house with equity and can't remortgage. Well that is what is supposed to happen, … [Read more...]
15,000 people are being asked by Creditfix to agree to a variation that will increase the fees Creditfix gets from 15% to 23%. These are the Knightsbridge customers whose IVAs have recently been sold to Creditfix, If you have had one of these emails, do you have to agree? What are the pros and cons? IVA fees do matter Creditfix has said in the email about the proposed variation: The … [Read more...]
A reader asked: I'm thinking about an IVA. I've got 8k of credit card debt and overdrafts but I owe a lot of income tax and VAT. Probably a lot over 20k but I haven't filled out any tax returns for years. Do I have to get the exact tax owed when applying for an IVA? I don't think I can cope with all that. I was self employed but I now have a job, not well paid. I'm now living with my parents … [Read more...]
Are you in the last year of an IVA and have a house with equity? You may have to try to remortgage your house to pay some of the equity into your IVA. This article looks at the questions people have about how equity release works in an IVA and what happens if you can't remortgage. It includes a calculator so you can see how much extra you may have to remortgage for. If you are thinking about an … [Read more...]
What happens if you inherit money when you are in debt management or one of the three forms of insolvency: Debt Relief Order (DRO), bankruptcy or IVA? The answers are surprisingly different... Inheriting in a DMP This is the easiest case. Any money you inherit comes to you, not to your creditors or your DMP firm. It doesn't matter if the person dies before your DMP started or during your … [Read more...]