Published in Debt Advice Features on Thursday, March 29 2007 0 Comments

A Fast Track Voluntary Arrangement is a legally binding agreement between yourself and your creditors managed and supervised by normally the Official Receiver who was appointed to your bankruptcy, you must stick to the terms set out in the proposal. However nobody can see what may happen in the future, which could lead you to break the terms of the proposal.

Published in Debt Advice Features on Thursday, March 29 2007 0 Comments

Unlike an IVA where you would make payments for 60 months (5 years) there is no set time limit for a Fast Track Voluntary Arrangement. An IVA is determined by you making an agreement to pay back as much as you can this can include you making 60 contributions and then offering a lump sum at the end by way of gift, selling assets or more commonly agreeing to remortgage your home to release as much equity as possible. Generally you will not pay back more than you owe in an IVA.

Published in Debt Advice Features on Saturday, March 24 2007 0 Comments

Once the Official Receiver is happy with your proposal and feels that it stands a good chance of being accepted by your creditors, they will send a copy to each of your creditors so they can vote on whether to accept it or not.

Published in Debt Advice Features on Saturday, March 24 2007 0 Comments

In a FTVA only the Official Receiver can act as nominee of the arrangement, however, if for whatever reason the Official Receiver does not agree and thinks that the FTVA is not a viable option then they will not agree to become the Nominee of your arrangement.

Published in Debt Advice Features on Saturday, March 24 2007 0 Comments

If you have been made bankrupt and you wish to to get the order annulled, because it may have a serious negative effect on your personal life, then it may be worthwhile asking the Official Receiver act as Nominee.

Published in Debt Advice Features on Saturday, March 24 2007 0 Comments

The eligibility of a FTVA is completely controlled by the Official Receiver, they will have a meeting with you, if you and the OR feel that a FTVA would be a viable option then you could ask the OR to act a Nominee. There obvious criteria that you need to have before you can propose a FTVA there areŅ.

Published in Debt Advice Features on Saturday, March 24 2007 0 Comments

An FTVA works in a similar way to what an IVA does, however there is no “meeting of creditors” and the creditors cannot ask for modifications to wrote into the proposal, the main reason for this is down to the Official Receiver, would have done his her best for the creditors when determining how much they would get back as oppose to what they would in bankruptcy (also known as dividend)

Published in Debt Advice Features on Saturday, March 24 2007 0 Comments

If a bankruptcy order has been made, you will have an interview with the Official Receiver and you are eligible for a FTVA, the Official Receiver will propose your FTVA to your creditors.

Published in Debt Advice Features on Saturday, March 24 2007 0 Comments

A Fast Track Voluntary Arrangement or FTVA is a legally binding agreement with your creditors to pay all or some of your debts back over a fixed time period. 

Published in IVA Focus Features on Saturday, March 24 2007 0 Comments

The main difference between an IVA and an FTVA is a FTVA can only be proposed after a bankruptcy order has been made, this article will explain each arrangement, how you would go about doing each and offer links where you can get further advice or even to see if an Individual Voluntary Arrangement would be the best option for you to take when dealing with your debts.