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IVA’s and Home Equity
Published on Wednesday, July 04 2007 by Open Doors Money 
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Firstly what is equity? Equity is any money left over once you have sold or cashed in an asset. So for example if you sell your property, the equity is what is left over after you have paid your mortgage off. If you cash in a pension it is what is left after all the fees and charges have been taken. In certain cases you will have to release equity from any assets you own with the exception of perhaps your vehicle.
Differences in Individual Voluntary Arrangements (IVA) & Fast Track Voluntary Arrangements (FTVA)
Published on Saturday, March 24 2007 by Open Doors Money 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.
What is a SIVA?
Published on Wednesday, January 31 2007 by Open Doors Money 0 Comments
The SIVA is a Simple Individual Voluntary Arrangement. It is a new alternative to the current Individual Voluntary Arrangement. IVA’s came into existence in 1986 as part of the 1986 Insolvency Act, and at the time it was expected mainly to be used by business men and women who were in debt, but didn’t want to go into bankruptcy, however there has been a massive increase in the number of non-business people using the IVA to get debt free. This growth has meant the IVA has had to have been assessed for what changes may need to be made to make it more suitable for non business individuals. And this meant the introduction of the SIVA. It is likely to be introduced around the end of 2007.
What is the minimum amount of debt I can enter an IVA with?
Published on Sunday, December 31 2006 by Open Doors Money 0 Comments
Generally it’s around the 12000 to make it worth while for you.
Why do I have to remortgage in the IVA? Will help be available to help me do this?
Published on Sunday, December 31 2006 by Open Doors Money 0 Comments
Looking at it from your creditors point of view, they won’t be receiving all their money back in the IVA, but you have a lump sum in your property which will benefit at you some point.
Do I have to keep paying my debts whilst the IVA is set up?
Published on Sunday, December 31 2006 by Open Doors Money 0 Comments
You don’t have to usually.
Will my debts actually be written off? Can my creditors chase me for money after the IVA is done?
Published on Sunday, December 31 2006 by Open Doors Money 0 Comments
When your creditors agree to your proposal at the Meeting of Creditors, they are agreeing to only accept a certain amount of the debt back, to stop all interest and charges and to not contact you any more, they have to deal with your Insolvency Practitioner from then on.
Can I stop a Bankruptcy Petition with an IVA?
Published on Sunday, December 31 2006 by Open Doors Money 0 Comments
Yes it is possible, but it is really not worth burying your head in the sand for this long. Usually an Insolvency Practitioner can secure an adjournment of the Bankruptcy Petition for several months in order to create enough time to propose an IVA.
If my IVA is rejected will I have to pay anything?
Published on Sunday, December 31 2006 by Open Doors Money 0 Comments
This is worth investigating when you instruct an Insolvency Practitioner to begin setting up the Individual Voluntary Arrangement for you.
When am I legally bound into the IVA?
Published on Sunday, December 31 2006 by Open Doors Money 0 Comments
Usually you are bound into it once you have signed your proposal and your creditors have accepted it.
