18 Jul 11 Get the best IVA advice
IVA is an acronym for Individual Voluntary Arrangement. This type of an arrangement is a legally binding agreement arrived upon between the debtor and the creditors. This agreement has a validity of five years and during this period, the debtor is expected to pay back amounts that he can afford after deducting living costs.
The IVA advice is an award winning IVA support features which helps you understand IVA in depth. You need not register yourself if you simply want to view the current topics on the forum. But should you desire to post a new topic or wish to respond to an existing topic, registration is required. Registration is gratuitous and is not at all time consuming. You need to give a username and a valid e-mail address.
The IVA advice is controlled by moderators whose function is to edit, delete or prune any posts as they see fit. The forum posts can be edited or deleted by the poster at any time. However, you are not allowed to attach any files on the posts due to security reasons. The IVA advice lets you search for specific posts based on keywords and also through dates and names.
The IVA advice also has a subscription feature which will permit you to be notified whenever there are new posts. This notification is done through e-mail. You can either subscribe to an entire board or an entire category or single forum. However, the most convenient way is to subscribe to an individual topic.
IVA was set up with the sole purpose of generating more information about IVAs in the market place. It is also the UK’s biggest online IVA community for information and advice. The IVA advice was introduced to help people to discuss various issues arising in the IVA. Currently, the IVA advice has 11,000 members and more than 325,000 posts. IVA website also has a very active helpline which provides excellent advice on kinds of debt situations and solutions. The helpline advisors are provided through sponsorship. It is very important to get the best iva advice before acting on any iva application process.
14 Jul 11 Are you eligible for debt relief order?
A debt relief order is an order which people in the UK, who are not able to pay their debts can apply for. These orders are granted through the Insolvency Service, and will cost consumers less money than filing for bankruptcy. A debt relief order will usually remain open for one year; during that time period, no creditors which you owe money to are able to file any actions against you for non-payment. Once the year is over, the debtor will be relieved of all debts which are listed in the debt relief order.
So, who can apply for a debt relief order, what are the requirements, and how will it help you get out of debt? To be eligible to apply for a debt relief order, an individual must not own anything of value or have savings amounting to more than £300, and if they own a vehicle, it must be valued at below £1000. To apply for a debt relief order, it is required to go through an authorised adviser who sees whether or not you are eligible for the order. It costs £90 which can be paid in installment payments over a period of six months.
So, the basic requirements to apply for the order are: the individual must have qualyfing debts of £15,000 or less; they must have spare income of £50 or less after paying all monthly bills; they must have lived (or have proeprty) for the past three years in England or Wales; and, their assets (and any saving accounts) must be £300 or less. The kinds of debts which are considered qualifying include: credit card debts, loans, rent, utilities, phone bills, hire purchase or conditional sales agreements, or buy now-pay later agreements also qualify.
So if you are eligible for a debt relief order, have hired the authorised adviser, and paid the £90 for the order, the one year period which you are not liable to your creditors for non-payments will start up. This is a great opportunity if you are facing financial hardships, and contemplating filing for bankruptcy. It is a cheaper process, and will not harm your personal credit rating in the way that a bankruptcy proceeding will damage your credit.
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