In 2023, filling out the IVA Application Form is more than just a routine task; it’s your gateway to financial stability. From income proofs to asset declarations and expense details, each field you complete paints a vivid picture of your financial standing. This is why you have to fill this form with careful consideration, and we will guide you through it through this article. Warren Marshall Last updated on 19 September 2023 Fact Checked Table of Contents 1. Why is an IVA Application Form Required When Applying to an IVA? 2. The Process of an IVA Application Form 3. Benefits…
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Owing money to many creditors and keeping track of multiple debts can be overwhelming. You spend the better half of your day settling money matters with your bank and right when you get done, you get an angry call from a payday company. For some debtors, especially the ones who are already struggling with loans and arrears, such situations can be particularly stressful. It may seem to them that they are juggling more tricky matters than they can possibly handle. But do not give up. As with most financial dilemmas, there are actionable solutions for this one too. Taking out…
Bankruptcy and insolvency are two words that are thrown about interchangeably in conversation. But in the realm of finance, both of these terms hold very different yet overlapping meanings. Understandably, all this has caused a great deal of confusion. That’s why in this blog, we will be dispelling some of the confusion by discussing the main differences between bankruptcy and insolvency. We will also be covering the situations where each one applies in the UK. What is Insolvency? Insolvency occurs when an individual or a business’s liabilities surpass its assets. Insolvency is an umbrella term used to describe all types…
There are numerous resources available for UK borrowers seeking debt assistance. From essential budgeting tips to comprehensive literature on various debt solutions, the information is vast. However, with the rise of misinformation, including the often-discussed “IVA loophole,” it’s crucial to discern fact from fiction. Before diving into any debt arrangement, it’s imperative to understand its implications. Many debt solutions can profoundly impact your life, so being well-informed is essential. Making an informed decision requires access to accurate and reliable information. Always consult credible sources and verify any information that influences your choices. At Money Advisor, we prioritize helping individuals make…
If you are struggling with debt, the best way to deal with your financial circumstances is to act now – or your debt problem could get worse. An Individual Voluntary Arrangement (IVA) is one way to help you get out of debt and pay back the creditors to whom you owe money. We often get asked questions about what is an IVA, how an IVA works, or more importantly is an IVA is the right debt solution for you. Instead of sifting through the search engines to find your answers, we have compiled a detailed help guide to ensure you…
Did you know that the average UK household spends £3,224 on groceries and £1581 on dining out and takeaways every year? According to Office for National Statistics, families in the UK spent a whopping 16% of their budget on food in 2019. If your monthly food budgeting is proving to be a struggle and you need debt help in the UK, We are here to help. Granted that food is an essential expense none of us can avoid but it is also true that most of us end up overspending on food – and all you need to do to…
The first step is to proactively assess your situation so you can work out ways to regain financial control How to Get Out of Debt? Step 1: Figure Out Where You Stand Start by figuring out how much you owe in total. You can do that by making a list of all your debts including credit cards, store cards, overdrafts, loans, arrears, and other types of debt. Once you have listed them all, check how much you owe on each debt, what is the applicable interest rate and what you are presently paying towards each debt every month. To make…
The pandemic is far from over and with the UK in grips of a second wave, there is a lot of uncertainty looming on the horizon. So far, homeowners in the UK have been relatively sheltered from the effects of this financial crisis. But with Ireland already on the verge of what seems like a mortgage arrears crisis, anxiety around the issue of mortgages is also increasing in the UK, especially in the wake of the second wave – perhaps rightly so. Mortgage Payment Breaks Have Been Tiding Homeowners Over Compared to tenants, homeowners have had it easier so far.…
Individual voluntary arrangements are legally binding agreements between borrowers and their creditors. When people enter an IVA, they agree to pay all or part of their debt back to their creditors at an affordable rate over a fixed duration of time, usually five years. After this time period, the remaining debt is written off. Individual voluntary arrangements are a widely preferred debt solution in the UK. The first step in securing an IVA is to work with a licensed insolvency practitioner and create an IVA proposal. This proposal will then be pitched to creditors who will vote on it. As…
When choosing a solution between bankruptcy and IVA you need to know what they are and how they work. What is an IVA and how does it work? An IVA is an Individual Voluntary Arrangement that is signed between an individual and their creditors. This agreement is signed to help them pay off their debts at an affordable rate. It is also considered to be an alternate option to bankruptcy. It is a private agreement that is legally binding. The term period of the agreement is usually 5 years or is set according to the creditor and the individual. During…