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Digg it UP - Debt Issues: Welcome to IVA UK
The more you know about people the easier it gets to run a small business. This statement is so true, yet I don't know many business owners that use this power principle.Are you working long hours? Do you have few holidays? Would you like to grow your business, but you already work many hours and don't want to work any harder? This article is for you!When it comes to recruitment there are 3 key points to understand. Business owners fail to understand these 3 points and wonder why they hired a person who doesn't do what they want them to do. Or, they work really hard for the first few days or week then their performance wains over time.So let's look at the 3 point
If your circumstances alter then this needs to be reflected in your IVA. That means should your income fall then the repayments should also be reduced. Equally, where your income improves then more money will be made available each month to your creditors.
Well I made it to the end of my IVA, what now?
The trustee will issue a 'Statement of Completion' normally within 3 months of the last payment of the IVA. The trustee will also notify the Insolvency Service and reflect this in their records.
Finally, do be aware and get proper IVA advice.
Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to enter into an IVA. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.
Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses.
You have decided to build yourself a website. You know what you want the site to be about, you have some potential names for the website picked out in your head, and you are hoping they are still available. You know what you want the site to look like. But, you are wondering how you actually get it on the internet. You have read some articles that explain that you need a web host to put your site on the world-wide-web. Now the real problem arises. How do you pick a web hosting company that is best suited for what you need?There are hundreds of web hosting companies out there. Every one of them claims to have the best prices and the best service. You have looked for inf
20 years ago in 1986 the insolvency act introduced the IVA. IVA stands for Individual Voluntary Arrangement A formal, it is court ratified, process that allows somebody struggling with unsecured debts to make a payment proposal to their creditors.
IVA numbers are increasing dramatically at the time of writing. A record number of people in England and Wales went insolvent between July and September 2006. The Insolvency Service said 27,644 people went bankrupt or entered into Individual Voluntary Arrangements to manage their debts.
Why are IVA's proving to be 'popular'?
Creditors like them because it can often provide greater returns than would normally be realised if the debtor went bankrupt.
Debtors like to make use of an IVA because it freezes interest on debts, it makes the payments more manageable, it protects their home, it is a very discreet debt solution (unlike bankruptcy) and allows company directors to retain their position.
After a period of normally 60 monthly payments, any outstanding amounts of unsecured debts included in the IVA are written off.
That sounds great, how do I organise an IVA?
Well initially your unsecured debts need to be in excess of ?15,000. If you have more than ?15,000 of unsecured debts and are struggling with debt repayments then it's time to talk to a professional.
Only qualified professionals can administer an IVA. This is usually an insolvency practitioner but there are a number of firms that have sprung up to effectively 'package' an IVA ready for the insolvency practitioners to complete the IVA. The insolvency practitioner then becomes the trustee for the IVA.
To get an IVA agreed, a clear statement of your financial position will need to be drawn up. This will include all assets (house(s), cars, endowment policies, cash plans, pension details, etc) and then details of your monthly income and expenditure.
All these details are put to your creditors along with a proposed monthly payment.
What about my house?
Importantly, if you own your own home, then any equity you have available in the property will form part of the IVA proposal as part of the repayment offer. A secured charge is applied to your property equivalent to the proposal put to the creditors. The charge is normally applied to your property during the first year of the IVA and normally realised in the fourth year of the IVA.
If the property is jointly owned then only the debtors share of equity is normally considered under the IVA.
So what happens when the creditors vote on my IVA?
The creditors vote on whether to accept the IVA proposal or not. If more than 75% by value of unsecured creditors vote in favour of the IVA then it has to be accepted by all the unsecured creditors.
What do you mean more than 75% by value?
Well if you have 4 creditors but say one of them is owed 76% of your total amount of unsecured debts then it is only their vote that counts. If they accept the IVA proposal then the others will have to accept payments. Equally, if the 76% creditor declines the IVA proposal then the whole proposal has been rejected.
What happens if my IVA is rejected?
Well first thing, remain calm. There is an opportunity to submit an improved IVA proposal if your funds allow. Failing that it may be time to consider an informal payment plan or perhaps even bankruptcy. This is best discussed with a debt help and advice professional.
What if I miss any of my IVA payments?
A well drawn up IVA will allow for one or two missed payments in the IVA but missing payments is a serious business. The IVA is a court ratified agreement. Missing payments in an IVA runs the real risk that the trustee will legally have to force you into bankruptcy.
What happens to the IVA if my circumstances alter?
If your circumstances alter then this needs to be reflected in your IVA. That means should your income fall then the repayments should also be reduced. Equally, where your income improves then more money will be made available each month to your creditors.
Well I made it to the end of my IVA, what now?
The trustee will issue a 'Statement of Completion' normally within 3 months of the last payment of the IVA. The trustee will also notify the Insolvency Service and reflect this in their records.
Finally, do be aware and get proper IVA advice.
Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to enter into an IVA. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.
Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses.
Are leaders “born” or can anyone learn to be a leader? Below find some common attributes visible in many of today’s most successful leaders. How do you and your leadership attributes compare?.Leaders are persons who, by word and or example, markedly influence the behaviors, thoughts, and or feelings of a significant number of their fellow beings.The key to leadership is the effective communication of a story. The most fundamental stories, fashioned by leaders, concern issues of personal and group identity, mission and vision.Leaders exemplify those stories. They convey their stories by the kinds of lives they themselves lead and, through example, seek to inspire
After a period of normally 60 monthly payments, any outstanding amounts of unsecured debts included in the IVA are written off.
That sounds great, how do I organise an IVA?
Well initially your unsecured debts need to be in excess of ?15,000. If you have more than ?15,000 of unsecured debts and are struggling with debt repayments then it's time to talk to a professional.
Only qualified professionals can administer an IVA. This is usually an insolvency practitioner but there are a number of firms that have sprung up to effectively 'package' an IVA ready for the insolvency practitioners to complete the IVA. The insolvency practitioner then becomes the trustee for the IVA.
To get an IVA agreed, a clear statement of your financial position will need to be drawn up. This will include all assets (house(s), cars, endowment policies, cash plans, pension details, etc) and then details of your monthly income and expenditure.
All these details are put to your creditors along with a proposed monthly payment.
What about my house?
Importantly, if you own your own home, then any equity you have available in the property will form part of the IVA proposal as part of the repayment offer. A secured charge is applied to your property equivalent to the proposal put to the creditors. The charge is normally applied to your property during the first year of the IVA and normally realised in the fourth year of the IVA.
If the property is jointly owned then only the debtors share of equity is normally considered under the IVA.
So what happens when the creditors vote on my IVA?
The creditors vote on whether to accept the IVA proposal or not. If more than 75% by value of unsecured creditors vote in favour of the IVA then it has to be accepted by all the unsecured creditors.
What do you mean more than 75% by value?
Well if you have 4 creditors but say one of them is owed 76% of your total amount of unsecured debts then it is only their vote that counts. If they accept the IVA proposal then the others will have to accept payments. Equally, if the 76% creditor declines the IVA proposal then the whole proposal has been rejected.
What happens if my IVA is rejected?
Well first thing, remain calm. There is an opportunity to submit an improved IVA proposal if your funds allow. Failing that it may be time to consider an informal payment plan or perhaps even bankruptcy. This is best discussed with a debt help and advice professional.
What if I miss any of my IVA payments?
A well drawn up IVA will allow for one or two missed payments in the IVA but missing payments is a serious business. The IVA is a court ratified agreement. Missing payments in an IVA runs the real risk that the trustee will legally have to force you into bankruptcy.
What happens to the IVA if my circumstances alter?
If your circumstances alter then this needs to be reflected in your IVA. That means should your income fall then the repayments should also be reduced. Equally, where your income improves then more money will be made available each month to your creditors.
Well I made it to the end of my IVA, what now?
The trustee will issue a 'Statement of Completion' normally within 3 months of the last payment of the IVA. The trustee will also notify the Insolvency Service and reflect this in their records.
Finally, do be aware and get proper IVA advice.
Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to enter into an IVA. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.
Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses.
It's all very well having a flashy (and expensive) advertising campaign, backed up by a wealth of positive PR, but if your staff are not all pulling in the same direction this could be the biggest leak in your plan.Want a more in-depth guide to internal and customer communications, plus a CD-ROM with software with advice, additional content and links to helpful sites?Buy 'Marketing your Business' todayFirstly, everyone need to be able to get accurate information, so ensure that you have a good computer network (or better still, a fully-fledged Intranet) and routinely store the latest versions of documents where everyone can access them.Keep all staff that
All these details are put to your creditors along with a proposed monthly payment.
What about my house?
Importantly, if you own your own home, then any equity you have available in the property will form part of the IVA proposal as part of the repayment offer. A secured charge is applied to your property equivalent to the proposal put to the creditors. The charge is normally applied to your property during the first year of the IVA and normally realised in the fourth year of the IVA.
If the property is jointly owned then only the debtors share of equity is normally considered under the IVA.
So what happens when the creditors vote on my IVA?
The creditors vote on whether to accept the IVA proposal or not. If more than 75% by value of unsecured creditors vote in favour of the IVA then it has to be accepted by all the unsecured creditors.
What do you mean more than 75% by value?
Well if you have 4 creditors but say one of them is owed 76% of your total amount of unsecured debts then it is only their vote that counts. If they accept the IVA proposal then the others will have to accept payments. Equally, if the 76% creditor declines the IVA proposal then the whole proposal has been rejected.
What happens if my IVA is rejected?
Well first thing, remain calm. There is an opportunity to submit an improved IVA proposal if your funds allow. Failing that it may be time to consider an informal payment plan or perhaps even bankruptcy. This is best discussed with a debt help and advice professional.
What if I miss any of my IVA payments?
A well drawn up IVA will allow for one or two missed payments in the IVA but missing payments is a serious business. The IVA is a court ratified agreement. Missing payments in an IVA runs the real risk that the trustee will legally have to force you into bankruptcy.
What happens to the IVA if my circumstances alter?
If your circumstances alter then this needs to be reflected in your IVA. That means should your income fall then the repayments should also be reduced. Equally, where your income improves then more money will be made available each month to your creditors.
Well I made it to the end of my IVA, what now?
The trustee will issue a 'Statement of Completion' normally within 3 months of the last payment of the IVA. The trustee will also notify the Insolvency Service and reflect this in their records.
Finally, do be aware and get proper IVA advice.
Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to enter into an IVA. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.
Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses.
I want to share a story. Last week I became aware that I was out of return address labels. Instead of waiting until Sundays paper came and grabbing the insert offering this item, I decided to look online and find return address labels.I went to Google and did a search for "return address labels". I clicked on the very first site listed. When I got there, I had no idea from their front page what they were selling. I scanned the page, did not see return address labels and so returned to Google. In order for this site to have been number one on Google, they had to have used “return address labels” somewhere in their site, but their front page did not have these 3 words listed the
Well if you have 4 creditors but say one of them is owed 76% of your total amount of unsecured debts then it is only their vote that counts. If they accept the IVA proposal then the others will have to accept payments. Equally, if the 76% creditor declines the IVA proposal then the whole proposal has been rejected.
What happens if my IVA is rejected?
Well first thing, remain calm. There is an opportunity to submit an improved IVA proposal if your funds allow. Failing that it may be time to consider an informal payment plan or perhaps even bankruptcy. This is best discussed with a debt help and advice professional.
What if I miss any of my IVA payments?
A well drawn up IVA will allow for one or two missed payments in the IVA but missing payments is a serious business. The IVA is a court ratified agreement. Missing payments in an IVA runs the real risk that the trustee will legally have to force you into bankruptcy.
What happens to the IVA if my circumstances alter?
If your circumstances alter then this needs to be reflected in your IVA. That means should your income fall then the repayments should also be reduced. Equally, where your income improves then more money will be made available each month to your creditors.
Well I made it to the end of my IVA, what now?
The trustee will issue a 'Statement of Completion' normally within 3 months of the last payment of the IVA. The trustee will also notify the Insolvency Service and reflect this in their records.
Finally, do be aware and get proper IVA advice.
Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to enter into an IVA. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.
Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses.
At this point you are probably wondering where your own life fits into the picture. You have looked at joining organizations to meet others, found places to network, and even attended special events. There does not seem to be a limit on what you need to do to gain meaningful business relationships. Even hobbies and interests can be used to develop business relationships if you are willing to go that far. I do not believe that you can change what you like to do just so you can gain more business. If you have a passion for something like golf, then you should stick to it. You will meet others that have that same passion. I like to play tennis and cycle. Even though most of the people
If your circumstances alter then this needs to be reflected in your IVA. That means should your income fall then the repayments should also be reduced. Equally, where your income improves then more money will be made available each month to your creditors.
Well I made it to the end of my IVA, what now?
The trustee will issue a 'Statement of Completion' normally within 3 months of the last payment of the IVA. The trustee will also notify the Insolvency Service and reflect this in their records.
Finally, do be aware and get proper IVA advice.
Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to enter into an IVA. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.
Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses. Ed can be contacted on 0845 123 4000 or in confidence on 07970 659266.
http://www.debtDr.co.uk 'prescribing life without debt'
This article does not constitute regulated advice. Please remember that any action regarding financial advice should always be taken only after considering the specifics of your own situation.
To find out more about Ed try, www.ecademy.com/account.php?id=41788
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