As the economy is in a period of recession, insolvency has become more common. In reality, over 1 million Americans nationality holder filed insolvency in 2007. It is a financial state that often precedes bankruptcy.
Bankruptcy is a lawfully declared situation in which a person or business becomes insolvent; it means that they are not in a position to pay their creditors. Debt is a part of life these days, but excess of debt can make life complicated to enjoy. There are two potential solutions to get independence from this trouble and get rid of your financial worries. It includes submitting file for insolvency and negotiating with Debt Settlement Company. Before you choose any option, it is important to know the pros and cons of using a debt settlement company versus filing for insolvency to alleviate your financial misery.

Negotiation with Debt Settlement Company is the first solution after personal insolvency, and there are some factors that will examine whether negotiation with debt settlement companies is right or wrong. You need to see your monthly income; if it is more than your essential living expenditures, debt settlement may help you to resolve your financial crisis. You must ask each debt settlement company about their unsecured debt balance necessities to decide which debt arrangement company is right for your circumstances.
Look for honest debt settlement companies because you cannot bear any more shocks at this stage. You have to find a company who has a strong record of efficiently negotiating with the creditors. You have to make your mind and get yourself ready to accept the disadvantages of debt settlement programs such as the increased creditor calls, lawsuit initiated by creditors, tax troubles etc.
You may discuss your financial problems with a legal representative who have specialized in bankruptcies. A legal representative can prove to be a strong hand, in order to get independence from your all financial worries.
An IVA (Individual Voluntary Arrangement) is a kind of debt management plan set up to deal with personal debt and with the issue of personal insolvency. The needs of one individual may be vastly different from the needs of another. Any IVA help given must take into account the vast nature of the situation, in which people find them.
You can determine whether filing for bankruptcy is a better solution as compared to other solutions. When other kinds of debt settlement plans fail, one is left with bankruptcy filing as the only option. It is a legal process that gives you the option of declaring your current financial position through a court case. In filing the petition, there are a number of chapters under which you can file your case, depending on your ability to repay the debts.
Private debt management companies are the areas of economy that are doing well even in the recession. Debt solutions, such as personal bankruptcy, Individual Voluntary Arrangements and debt management plans are proving to be extremely acceptable by the debtors. Debt solutions help people to either manage or write-off debt, as well as help to prevent creditor harassment.

Read More...

The law on Individual Voluntary Arrangements (IVA) is now firmly part of the range of remedies available to someone with significant debt problems. An individual consumer, or self employed person, with unsecured debts - usually greater than at least £12000 - has the right to apply for an IVA.
An IVA is basically a new contract between the debtor and creditors, organised by an Insolvency Practitioner which can be quite flexible to meet the individual circumstances of each case. The concept of an IVA was introduced under the Insolvency Act 1986 originally to help trades people resolve debt problems. Approaching 50,000 consumers and self employed people took advantage of an IVA last year.

The main characteristics of an IVA are fairly straightforward. An IVA is a private arrangement between the debtor and creditors. No attendance at Court is required - unlike with bankruptcy. All unsecured debts, including tax and VAT can be included and are effectively consolidated into a single lump under the IVA. The law allows the Insolvency Practitioner a degree of latitude into how the IVA agreement is actually put together. The agreements are formal and legally binding and usually last for a fixed period of 60 months with a fixed monthly payment; however others have variable monthly payments or provide for a single lump sum only.
The Insolvency Practitioner must put together a detailed proposal to present to creditors to obtain approval for the IVA to go ahead. Under the IVA law and associated procedures once approved the debtor becomes legally protected from further creditor action - as long as the terms of the IVA are kept. The Insolvency Practitioner - acting as Supervisor of the arrangement - is legally responsible for ensuring that the debtor keeps to the arrangement; collecting and distributing the payments to creditors; making the creditors aware of any changes or breaches as well as conducting annual reviews of the case to ensure compliance.
Once the IVA is satisfactorily completed the debtor is then formally released by the Insolvency Practitioner from any further obligation and any outstanding debt liabilities are immediately written off. Obviously by entering into an IVA the debtor's credit rating will be affected - usually for a period of 6 years from the date of entering into the IVA - however the benefit of having a single affordable monthly payment and removing the debt stress can more than outweigh the possible restriction of credit availability.
Under the IVA laws only a suitably qualified Insolvency Practitioner is able to put together and supervise an IVA. There are only a limited number of such individuals in the UK and they are all very heavily regulated by government and legislation.

Read More...

There are people who live on loans unlike others who take loans but by thinking wisely. Both these types of people can suffer if they cannot repay these loans. IVA debt program has been designed to help these people. This is a legalized contract which is signed by the debtor and the creditors. Once this contract is signed, all the responsibility of clearing the debts becomes the duty of the insolvency professionals or the insolvency practitioners.

There are many programs under this IVA debt help. The program which will be suitable for a particular borrower is decided by the insolvency practitioners or the professionals. It also depends on the kind and amount of the total debt. The borrower's paying ability also matters.
This is a legal contract and once it is signed the lenders cannot contact or threat the borrowers in any way. This contract works only when the lenders and the borrower agree to the contract. Once the contract is signed, the responsibility of the borrower's debt is transferred to the practitioner or the professional. The monthly payments are decided according to the borrower's income. The terms and conditions of this program depend on particular programs like debt consolidation, IVA after bankruptcy, etc. Generally the borrowers have to fulfil some conditions which are must for any program. The borrower should have a monthly income. The number of minimum lenders should be 3 and minimum debt of the borrower should be £15000. IVA debt help is offered by the insolvency practitioners and professionals. They plan the borrower's payments according the income and conveniences of the borrower.

Read More...

IVA is a smart solution for people who are under debt or have debt related problems. It is the best alternative to bankruptcy. IVA stands for Individual Voluntary Agreement and it is an agreement between the creditors and the borrowers which is completely legal and binding. IVA's were introduced under the Insolvency Act of 1986. It is used to tackle the problem of bankruptcy and is of great help to debt-ridden people. Once the agreement between the debtor and the creditor takes place, an insolvency practitioner is assigned to the debtor and the payment plans are decided accordingly. In IVA the loan amount that the person has to pay over a period of time is reduced.

Features:
IVA is a contract that is signed between a debtor and the creditor. This contract says that after the signing of this contract it becomes the duty and obligation of the company to help out the borrower with the debt. Due to the close association between the company and the debtor, the person should choose carefully as to which company he should sign the contract with. After the agreement is signed then an insolvency practitioner is attached to the debtor to help him out. There are many different types of plans that the debtor can choose from according to his comfort. Normally up to about 75% of the total debt can be repaid. The amount can be reduced to such an extent that the person can pay off the rest of the debt comfortably.
Advantages:
The loan amount can be reduced accordingly to such an extent that the person can pay off the rest of the debt comfortably. The safety of the property and the job of the person are ensured.

Read More...

In these times when people rely on credit to get by, more and more people are finding themselves deep in debt. Sometimes so deep they cannot get out without radical help. For those people who happen to live in the UK, there is the option of an individual voluntary arrangement, which can be the perfect solution to some situations. It is usually a better alternative to bankruptcy and will work when your situation is too serious for debt management.

What is An Individual Voluntary Arrangement?

An individual voluntary arrangement is a formal agreement, only available in the UK, that is made between your creditors and yourself in which you agree to pay back a percentage of the money you owe to them. This is done over a five year period and is a binding legal agreement as long as you keep up the repayments. These legally binding agreements are commonly referred to as IVAs and are not available in countries outside the UK. It is a way of writing off a large part of your debts that you cannot afford to repay.
How Does It Work?
You can apply to any good debt company that provides this solution to get a free review. They will go through your finances in detail before getting back to you with a proposal if that is a suitable option. Proposals will be drawn up for an individual voluntary arrangement using questions that you answer about your financial situation. You need to check the proposals over and sign them before returning them to your insolvency practitioner (IP).
An Interim Order is then applied for through the courts. Creditors can no longer take legal action against you after an Interim Order is in place. For an Individual Voluntary Arrangement to be approved, creditors representing 75% of the monetary value of the debts must approve of the plan. If one creditor represents more than 25% of the monetary value and he refuses, your IVA will fail. If certain creditors do not vote it is assumed they are voting for the arrangement. These are in marked contrast to a debt management plan, which is an informal solution with no way to compel creditors to join the plan.
IVAs are legally binding, which has advantages in your favour, but it also means that you cannot just change your mind about it if your circumstances change. The creditors cannot change their minds either once they have voted. If you fail to keep up your repayments then the creditors can come after you again and you could even be made bankrupt. People likely to be approved for an IVA are likely to have debts of at least £15,000 and be struggling to keep up with repayments. For an arrangement to work and be approved you will need to have a source of income, preferably from regular employment. Debts that can be included in the plan will be unsecured and they must be to a few different creditors.
Anyone in the UK who is in debt and considering bankruptcy should always approach a debt management company first, so see if there are any alternative solutions that may have less drastic and long lasting consequences.

Read More...

Although bankruptcy might seem like an easy answer to your financial problems, it is best avoided if at all possible. After all there are so many disadvantages associated with bankruptcy that it really should be a last resort.
If you file for bankruptcy it will stay on your credit record for a number of years. This will make it practically impossible for you to obtain a credit card or loan. If you do manage to get one you are likely to be subject to hefty interest charges and fees.
Furthermore, although it does not always happen if you go bankrupt you may lose your home. Bankruptcy can also affect your long term career options. If you own a company you will be forced to close it and your employees will be dismissed. Whilst looking ahead, you will not be able to form a new company in the future without the court's permission. You can also lose your professional status and are not allowed to hold public office.
Given all the negative effects of bankruptcy it is worth considering the alternatives to it. The Insolvency Act of 1986 introduced the IVA as a legitimate alternative to bankruptcy.
An IVA does not have any of the disadvantages attached to bankruptcy. For instance there is no social stigma with an IVA as it is entirely private between you and your creditors.
An IVA is a formal arrangement between you and you creditors. If your creditors agree to this they will write of a certain amount of your debt completely. In addition they will freeze interest on your debt and agree not to contact you whilst the IVA is in place.
An IVA allows you to repay your debt over five years. After this time, if you have abided by its terms, you will be declared free of debt.
An IVA enables you to avoid bankruptcy and clear your debts. They can be excellent alternative to bankruptcy for people with debts over £15,000, multiple creditors and who can afford to re-pay at least £200 a month.

Read More...

If you have tried an ordinary debt management plan, which is a voluntary agreement between you and your creditors and not a legally binding one, and found it didn't work, you may be left with a choice between bankruptcy and an IVA.

Bankruptcy

Too many people hold the foolish belief that filing for bankruptcy will wipe out their debts, what they don't realise is that some debts such as child maintenance, income tax and council tax, are not dischargeable debts. Most people have no idea of the impact that filing for bankruptcy can have on your life. In order to reduce the number of people who filed for bankruptcy on unsecured debts below a certain level, the government introduced the IVA or individual voluntary arrangement for people who had multiple debts of at least fifteen thousand pounds.


IVA

An IVA is a government alternative to filing for bankruptcy. The arrangement does place more responsibility on the individual to repay their debts, but it also means they will be debt free in five years, with a lot less of the problems faced by someone who has been declared bankrupt. Because an IVA is an individual and private arrangement, the details of your financial position are not made public, as they would be if you filed for bankruptcy.
If you have been told to seek IVA advice then you will need an insolvency practitioner to draw up the agreement, contact your creditors, and take your monthly repayments. When you own your own home and you file for bankruptcy, then your house can be sold by the court appointed trustee to pay your debts, this does not happen with an individual voluntary agreement.
People who file for bankruptcy are not allowed to hold a bank account until their bankruptcy is discharged, neither are they allowed to hold a post as a company director for a certain number of years. A bankruptcy filing will usually remain on your credit file, even after you have been discharged. You will find it extremely difficult, if not impossible to get a mortgage, a credit card or a loan if you are a discharged bankrupt. While an individual voluntary arrangement will affect your credit record, it will not be nearly as damaging as bankruptcy, and you should be able to continue having a bank account while the arrangement is in force.

Read More...

Getting yourself out of debt is not one of the easiest things you can do. Most people inadvertently find themselves in such a situation. With the current state of the economy, and everyone trying hard to make ends meet, not to mention inflation and high rates of unemployment, one is often left with no choice than to take out loans which could always result in debt. More so, if you already have a lot of other debts to settle. Should you lose hope? What leads to debt?

One of the most common ways that people fall into serious debt is by using a credit card. This method of payment is preferred by a large number of people for various reasons. In addition to it being a more secure way of carrying money, it also makes payment easier especially if you are purchasing things from an online store. However, it is a widely acknowledged fact, that people often spend more when they use a credit card than they would if they had hard cash. This could be attributed to the varying limits that come with the use of a credit card. Debt free advice in this regard is therefore essential.
When it comes to debt free advice, you need to keep in mind that apart from personal loans and credit cards, mortgages too often lead to debt. It's important to point out regarding debt free advice, that the result of all this would be the person with excess debt having to liquidate their assets to get out of this mess. In the worst case, a person would have to file bankruptcy, which would be detrimental to your credit rating, thereby affecting future prospects of taking out loans.

How to deal with debt
If you are already in debt, set aside the amount you would need to pay to different lenders each month, and do not use that money for any other purpose.
Debt free advice #2 - Refrain from splurging for a while. Saving your money would be a great way to start off! You can find ways to increase your income, such as by investing your money somewhere so that you earn an amount in return.
Debt free advice #3- Stop using a credit card!

Read More...

As in all walks of life though, some are better than others, so finding a reputable I.P. when you need one is not always straight forward.
A common way of finding an I.P. is to use an intermediary IVA company. The intermediary IVA company will assess your case and, if an IVA proves to be a viable option, they would normally suggest a reputable I.P. company to help you. This in itself can lead to uncertainty because, as with the Insolvency Practitioners, some intermediary IVA companies are better than others.

The choice as to which IVA company to use is crucial.
So, how does a person decide which IVA company is the most suitable from the many available to choose from?
A good starting point is to use an IVA company that has been recommended to you by someone you know. However, if this is not possible, using the internet is a useful way to find IVA companies which offer this service, but be cautious.
Use the tips below to establish which IVA company you are most comfortable with:

1. Be comfortable with the adviser that you speak to.
You ought to be able to discuss any aspect of your financial, and sometimes personal, circumstances with them. Your adviser should have a good knowledge of the IVA process, and be able to use their experience to guide you forward.

2. Do not use an IVA company that insists on charging a fee for the preparation of the paperwork.
There are some excellent IVA companies that do this work for free.

3. Be sure that the IVA company you are using has carried out a thorough analysis of your circumstances.

4. Be sure that they talk through all your alternatives.

5. Be wary of an IVA company that suggest that an IVA is a foregone conclusion.
In truth an IVA's success is based on the decision of the creditors. A good Insolvency Practitioner, however, will always err on the side of caution and use his experience to assess each new case before commencing his work. This not only saves unnecessary time, effort and costs, but also goes some way to reassuring clients that, all things considered, a successful IVA is a likely outcome.

6. Do not be persuaded by IVA companies offering unrealistically low payment IVAs.
It is easy to be given a false sense of security, but the truth is that IVA repayments are based on what you can reasonably afford, not what some clever sales person is trying to make you think is acceptable to creditors. Large write off figures are very persuasive, but are by no means guaranteed. Creditors will ask for modifications to your payments at your creditors meeting if they feel that you could reasonably afford to payback more money, and the IVA will not proceed if you can't agree to these modifications. So be sure that you feel the payments you are offering are fair and reasonable.

7. Look for a money back guarantee.
When you have decided that an IVA is your best option, be sure that, if the Insolvency Practitioner takes payments pre creditors meeting, these funds are refundable should your application is unsuccessful.

8. Let your instincts guide your decision.
Don't feel that any one IVA company is the only one able to help you. If you feel that an IVA company is offering something to good to be true, ask them testing questions and gauge their advisers response. Don't forget, if you are in any doubt, get a second opinion.
Finding the most suitable IVA company to help you is so important, as, don't forget, this company will be presenting your case to your creditors, so you must be sure you have found the right one.
Remember, communication is the key to a healthy relationship, so once you have decided, keep all channels open!

Read More...

If you have debts of around £15,000 (or higher) that you are unable to repay, an IVA (Individual Voluntary Arrangement) is a Government-backed debt solution that could help you get back in the clear by writing off a substantial amount of your debt. As part of the Insolvency Act (1986), it's a legally binding means of getting out of debt that helped over 40,000 people per year in both 2006 and 2007.
An IVA proposal can only be put forward by a licensed Insolvency Practitioner. If the IVA is approved, you will pay a set monthly amount towards your IVA, usually for 5 years - after which your debt will be considered settled.
Before entering an IVA, your circumstances will be thoroughly reviewed to determine how much you are able to pay each month once living expenses have been taken into account. Creditors are likely to accept an IVA if they can see that a) you are not able to repay the full amount, and b) they will get more from your IVA then they would by petitioning for your bankruptcy.

How does an IVA work?

1) Firstly, you will speak to a debt adviser about your situation. If they think an IVA is your best option, they will work with you to draw up a proposal, telling your creditors how much they would receive if the IVA goes ahead.
2) The proposal is then submitted to your creditors for approval. A Creditors' Meeting will be planned to give your creditors a chance to discuss the terms.
3) The Creditors' Meeting invites your creditors to get together and vote on whether to approve your IVA proposal. For the IVA to go ahead, those who vote in favour of the proposal must collectively own more than 75% of your total debts.
If any of your creditors do not respond to the proposal, it is automatically considered a vote in favour of the IVA.
4) If approved, the IVA begins and you will pay a fixed amount each month, which will be divided between your creditors. Your creditors are legally required to stop charging interest and may no longer pursue any kind of legal action, unless the terms of the IVA are broken.
5) If you successfully keep up payments for 5 years, the IVA is complete and you are legally debt-free. However, it may take up to a year afterwards for the IVA to disappear from your credit history.

Read More...

In the US and the UK there are no government debt management plans in the sense that the government get directly involved in providing direct help with your debt problems. However, a government can legislate to put systems in place that make it easier with people with serious debt problems to avoid the usual route of bankruptcy.
In England, Wales and Northern Ireland there is a scheme called an individual voluntary arrangement or IVA. In Scotland where many of the laws are different, the government introduced something called a Trust Deed, which is very similar to an IVA in terms of how it works.

The Trust deed can be seen as an indirect government debt management tool, in that it was brought in to help Scottish people to get out of very serious debt situations without having to file for bankruptcy, or sequestration as it is in Scotland. It allows you to make payments towards your debts for a fixed period of time, and at the end of that period any debts remaining unpaid are written off.
For people in Scotland who are really struggling with debt, the Trust Deed is a real lifeline that allows them to become debt free again in a relatively short period of time. The Scottish government have provided a system that is even more advantageous for the person in debt than the IVA is. You make payments for a shorter period of time and you only need the agreement of two thirds of your creditors for the Trust Deed to be binding on the rest. This compares with 75% of creditors which is the requirement for an IVA.
The government had a very specific purpose in setting up the Trust Deed as a debt management tool, which was to give people an alternative to the very damaging option of bankruptcy and all the lasting consequences that it entails. For this reason Trust Deeds are aimed at people in very serious situations, so there are certain requirements in order to be eligible for this kind of help.
To be able to set up a Trust Deed, you need to have unsecured debts of £12,000 or more to a few different creditors. Unsecured debts include credit cards, personal loans, payday loans, store cards, etc. This compares well to the £15,000 of debt that the UK government requires you to have to get an IVA. While you are less likely to lose valuable assets such as your house when you set up a Trust Deed, you cannot include in the deed any secured loans such as arrears on your mortgage.

Read More...

The consumer debt advice is given to those who have drowned themselves under a heavy burden of dues. In an era of good economy, one and all have resorted to using credit cards. Undue usage had become the general norm. This practice has led the loaners to fall prey to debt. Without realizing the serious consequences, one went on using this facility. Hugh piling up of loans is keeping you in debt for a longer period of time.
The consumer debt advice proves itself to be very handy in helping people to stop from further mounting into huge debts. Expert professionals come to your rescue. They are the negotiating agencies. They are those people who will act as a mediator between you, the defaulter and the one who has let you money. Once the settlement takes place, you as a defaulter, can settle for a less amount and pay your dues accordingly.

The debt settlement companies try to settle the amount into one single payable debt account. The debt settlement consolidation is thus, a great way of settling huge piles of debt. A new debt settlement account is opened by the settlement company whereby one can repay a particular amount every month. This will indeed reduce the load on the defaulters immensely. Repaying at regular intervals will keep both the parties happy.
A debit advice can be obtained from credit counseling company. This advice is free and these counseling companies are also nonprofit making. This counseling company advises how to manage your money effectively. It also supports people by charting out individual programs which will be beneficial in the long run. Existing financial problems are also given right solutions so that the burden is reduced immediately. All these will go a long way in keeping you out of debt.

Read More...

If you are suffering from significant debt problems then you may be considering applying for an Individual Voluntary Arrangement (IVA). An IVA is one of the most popular forms of debt relief available to UK individuals. Individual Voluntary Arrangements are a government back debt solution that will consolidate your debts and leave you debt free after a fixed period of time, usually after five years. Unlike bankruptcy the IVA is a completely private agreement between you and your creditors. It is a legal arrangement that replaces all your existing unsecured credit repayments with a single regular monthly payment to be shared out between your creditors. Nearly fifty thousand people used an individual voluntary arrangement to get their debts restructured and payments lowered last year.

To qualify for an IVA you must meet certain qualifying criteria. IVAs are intended to help people with significant debts of at least £15000. Generally it is preferable for this debt to be divided between three or more creditors. To apply for an IVA you should first talk to a professional financial advisor who will advise you whether or not it is the best solution to your financial problems. If an individual voluntary arrangement is right for you then there are many companies in the UK who can arrange your IVA. Individual voluntary arrangements can only be prepared and managed by licensed Insolvency Practitioners (IP). It is the IP who will draft a formal proposal for you and your creditors. Providing at least 75% of your creditors agree to the proposal the IVA will be confirmed and all creditors will be automatically bound by its terms.

Read More...

Debt Consolidation is the last resort before bankruptcy for many of us. What we need to know are hard facts about the types of debt consolidation, and how they can affect us personally.
The most obvious debt consolidation would be in the form of a loan. These can be an ideal choice if you are in a situation where you can afford to pay the loan repayment and all the added interest on top. Unfortunately for many, this is not an option.

So, moving onto FREE Debt Consolidation. The debts that you owe including credit cards, store cards and any unsecured debt will be added together.
Once your status has been established, you may be offered an IVA (individual voluntary arrangement) or a DMP (debt management plan).
An IVA is a legally binding agreement which is paid over a fixed period of time. After that time period, any debt that remains is written off.
If you are advised to go for an IVA, you will need to sign a letter to the company who is dealing with your free debt consolidation. This will allow them to negotiate with your creditors on your behalf. You will have to include all unsecured creditors in the agreement. Any secured payments you have, for example a mortgage, will still have to be paid as normal by yourself outside of the agreement.
This type of free debt consolidation normally lasts for 5 years. This means that if you were to sell all of your assets that you own, the amount raised would not cover the amount of debt you have incurred.
The other free debt consolidation is a DMP. Initially it works the same way as an IVA. You make a list of your creditors and what you owe, and the company who is offering free debt consolidation will make reduced offers of payment to your creditors on your behalf.
There is never any guarantee that the creditors will accept the reduced payment put forward, but the free debt consolidation company should know what a reasonable and acceptable amount would be purely by experience.
There is no set period of time that the loan should be paid back. It all depends on the size of your debt and if your creditors are prepared to freeze the interest and charges on your debt.
The same as the IVA, all unsecured creditors should be included in the DMP. Secured loans will need to be payed as normal.
Some DMP providers do charge a fee, so you need to check upfront that you are getting FREE debt consolidation.
Lastly, you need to remember that any missed payments could jeopardise the whole arrangement. The whole arrangement is based on confidence that you will meet the new reduced payments. If you do miss, your creditors could add interest (exactly what you are trying to avoid)!

Read More...

If you are on an IVA plan, you know that you will need to spend carefully. An IVA is not a short term solution to getting out of debt and can last up to five years. The first step that you need to take is to ensure that you do not default on paying your monthly installment towards your IVA. Defaulting on this can cause you to lose your IVA, and you can get sued by your creditors. So, that is the first monthly payment that has to be paid judiciously. If you are living on rent then your next priority should be to pay your monthly rent. If on mortgage then it is the mortgage payment that should be made.
Next on your list of necessary expenses that you cannot avoid paying will be children education and insurances. If you have bought anything on hire purchase you will need to pay its installments.

There are certain fixed monthly expenses that you have to pay, like utility bills. You can review your utility bills and cut down on them. Simple steps like turning off extra lights, appliances when not in use, will help reduce your utility bills. Appliances on standby mode also consume energy, so switch them off from the mains. Cutting down on telephone calls or switching to a cheaper service provider can also help you save some money.
If you have your own car, check how much you spend on transport. You can easily cut down on transportation costs by planning your trips and trying to get the maximum work done per trip. You can switch to public transport and walk to and from work or car pool.
Families spend a lot on groceries and seldom know exactly what their groceries expenses are. Therefore, it would be a good idea to shop with a shopping list and keep a tab on what your grocery expenses are. After a month, you will know where you can cut costs on your groceries. Buying in bulk and looking for bargains can help you cut costs.
Only buy things when it is absolutely necessary and pay cash. You can ask your family to chip in with ideas on how to cut costs. Living within a monthly budget can just be the driving factor to clear you of your debts. You can cut down on entertainment expenses and stay far away from impulsive shopping. Sales and bargains at super stores may sound exciting and cost saving but go armed with a list of what do you really need to buy. Do not get caught up in the mad rush of bargain shopping. You can end up spending on things that may turn out to be quite useless and a waste of money.
By following these few simple tips, you can live within a budget and work through your IVA plan. The good thing about it is that once your IVA is over, you will have developed a habit of spending carefully.

Read More...

There is much work left to deal with after entering into an Individual Voluntary Arrangement (IVA) and emphasis must be placed on what to do to ensure that you can make the most out of it. IVA's carry a promise of opportunities to turn bad credit history around for anyone who is troubled by overwhelming debt resulting from its mismanagement and then resulting to consequences that come with an unacceptable credit score. As any IVA specialist would relay, an IVA is a legal document that is created to allow an individual to settle accounts with several creditors at one time. To put it simply, the goal is to consolidate all bad debts into a single account and then pay it off via a regular payment schedule throughout a period of 3 to 5 years. Good debt advice will tell you that the only way you can ensure success with an IVA is by observing utmost discipline in handling your finances and learning more effective ways of working with your income.

As soon as your IVA takes effect, you must make sure that any situation that can cause a delay in paying your dues according to the set schedule must be averted beforehand. An IVA expert can help determine how much of your income can be allocated for this in a way that other necessary expenses will not be compromised. In making purchases, steer clear of using credit cards that remain under your name and start getting into the habit of relying on cash or a debit card instead. Develop a keener sense of correctly prioritizing which expenses to put first and carry less money with you on a daily basis to avoid any spontaneous spending.
Being granted approval for the implementation of an IVA to help settle your debt is merely part of the beginning of what can be a long journey to resolving bad credit. It may be difficult to change the way you spend and being on a budget may cause some initial discomfort as well but intently keeping your focus on how your finances may be better off in the long run should be enough motivation to conclude an IVA with success.

Read More...

Insolvency is a financial state in which a company can no longer pay its bills and other obligations on time. Insolvency usually occurs whenever liabilities, or debts, exceed assets and cash flow. Once a company becomes insolvent, it must take immediate action to generate cash and settle or renegotiate current debts. Companies which cannot overcome insolvency often face bankruptcy proceedings, receivership, or liquidation of all assets. Most often insolvency is confused with bankruptcy. Both insolvency and bankruptcy deal with liabilities exceeding assets, but insolvency is a state of being and bankruptcy is a matter of law. Insolvency can lead to bankruptcy, but the condition may also be temporary and fixable without legal protection from creditors.

Insolvency rule advice and law can help take a wise decision. Not everybody is familiar with insolvency rules. Seeking professional advice can help overcome the problem quickly. The Insolvency service provides answers to most often asked questions on insolvency. It is important that a person maintains control throughout insolvency, rather than one of the creditors, and provide a clear route forward in order to gain the support and trust of your creditors.
Talking to creditors is very important. Taking the creditors into confidence can help handle things efficiently. Seeking help from professional experts can help negotiate with creditors. This will help resolve problems quickly. Many people have benefited from Insolvency service.
Individual Voluntary Agreements or Iva's were first introduced in 1986. Debt management plans include Iva's and other debt solutions. This increase in IVA agreements may be attributed to the rise in consumer debt, recent changes in bankruptcy law, and of course an increase in bankruptcies. An Insolvency Practitioner or IP oversees and manages the IVA starting from the proposal stages up to the point of completion. Opting for an IVA is a good means of declaring bankruptcy. Iva's are also an option for individuals considering availing of debt management plans.
Insolvency rules, act and law may seem difficult to understand for a layman. Hence, seeking help from professionals can help a great deal. Insolvency Law provides a clear, readable and comprehensive account of the principles of insolvency law in relation to both corporate and personal debtors.

Free Download English Bank

English for State University National Selection (Snmptn)


English for Simak UI, Smup Unpad, UMB PTN, UM Upi, UM UGM, UM Undip

Read More...

If you are nearing to the state where you find it really tough to handle multiple debts and make repayments on apt basis to the creditors, it's the time to review your financial status. If you reside in US then you must be aware about IVA. IVA is a really informative topic and you must know about it as it helps you a lot in times when you have financial trouble. Now, let us discuss what exactly IVA means.

IVA means Individual Voluntary Arrangement. This arrangement is undertaken by an insolvency practitioner whom the IVA settlement company appoints for you. There are many financial companies who deal in IVA. Searching for a reputed company is the important. Searching online can really help you to find some good IVA companies.
Now, not every individual is allowed to apply for this arrangement. The person applying for an IVA must have multiple debts and must have a genuine payment problem to the creditors. The person entering into this contract must be nearing bankruptcy. At such time the person must apply for an IVA.
The company appoints an insolvency practitioner who makes all the necessary calculations and finds out the total disposable income of the person. After calculations, he decides as to how much monthly installment each creditor is paid. After the IVA contract the creditors lose the right to sue the debtor. Now, the creditor must consult the IVA Company for any matter rather than the debtor. IVA is a good option and this contract is viable for maximum of 5 years and there after if any debts remain on the part of the debtor is written off. IVA is apt for people and businesses who simply can't afford being declared as bankrupt. Also, the creditors get something as monthly installments rather than not getting anything, in case if the debtor declares bankruptcy.

Free Download English Bank

English for Senior High School (SMA/MA : National Examination 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, and 2009)


English for Junior High School (SMP/MTs : National Examination 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, and 2009)

Iva Advice give Exam Question for your succes!

Read More...

IVA stands for "individual voluntary agreement", is a voluntary agreement carried on with individuals to avoid bankruptcy. They provide freedom to carry on the activities for any company as it eases of the pressure from the individuals and helps them in taking their own decisions.
It is the contractual agreement with creditors and can be as flexible as an individuals' own circumstances. What is an IVA? It is a process in which creditors take decision at the creditors' meeting which is held to IVA proposal. The return which the creditors receive is much higher than what the creditors get in case of bankruptcy. IVA can be used as a term in place of bankruptcy. However, they are not mutually exclusive. It is a statement which the company makes well in advance and bankruptcy is declared when the company has no chance to recover. It is basically license put in forward by the insolvency practitioner and it is the contract between the company and its creditors.

To support an IVA one should have 5000 pounds or more to repay back the loan amount. The payback time is normally 3-5 years. It is a better option than bankruptcy but it is going to affect the credit rating of an individual/company.
In the end, one can come up with the conclusion that IVA's are anytime, a better option than declaring bankruptcy, at least for the creditors and company's image and brand.

Free Download Math Bank

Math for State University National Selection (Snmptn)


Math for Simak UI, Smup Unpad, UMB PTN, UM Upi, UM UGM, UM Undip

Iva Advice give Exam Question for your succes!

Read More...

The IVA debt solution is a way of tackling serious debt problems, which is only available in the UK. These formal arrangements are used as a solution for debt situations similar to those which would be considered suitable for debt settlement in the US. IVA stands for individual voluntary arrangement and is as formal legal agreement that is set up between you and your creditors.


By using an IVA you agree to make regular affordable payments towards your debts for up to five years, and after than any debts left are written off. This is a very effective way of eliminating huge debts that you just cannot afford to pay back. You will only be considered for an IVA debt solution if you have debts of £15,000 or more to a few different creditors. The debts have to be unsecured, which means you are not able to include mortgage debts or other loans secured against assets. For most people, the majority of their debts are made up of credit cards and personal loans and bank overdrafts, all of which are unsecured and can be included in an IVA debt solution.
For an IVA debt solution to work, the majority of your creditors need to vote in favour of it. Given that agreeing to an individual voluntary arrangement almost certainly means agreeing to considerably reduce how much money they get back from you, creditors are not likely to do this unless your situation is clearly very serious. One advantage of the legally binding nature of an IVA debt solution is that you only need the creditors for 75% of your debts to agree to it for the other creditors to be bound by it too. So if most of your creditors agree, but you have one of two creditors who are reluctant, they will have no option but to join in too, provided they are not owed more than 25% of the debt. This can be a big help in getting an IVA set up, and is something that you cannot do with informal agreements like debt management plans.
One of the worst aspects of being in debt can be the constant calls from creditors seeking overdue payments. Another legal consequence of an IVA debt solution is that your creditors are legally prohibited from contacting you and are not allowed to take any legal action against you either. All their dealings and communications have to be with the Insolvency Practitioner who sets up the individual voluntary agreement for you.
To arrange an IVA debt solution you need to first approach a specialist debt company so that they can assess your situation and see if an individual voluntary arrangement is possible for you. You can apply to any of the leading IVA debt solution specialists without any obligation to accept what they propose. Look for a list of recommended IVA providers that you know are reputable and effective.

Free Download Math Bank

Math for Senior High School (SMA/MA : National Examination 2007, 2008, and 2009)
Math for Vocational School (SMK)


Math for Junior High School (SMP/MTs : National Examination 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, and 2009)
Math for Elementary School (SD/MI : National Examination 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, and 2009)

Iva Advice give Exam Question for your success!

Read More...