Published on Saturday, December 30 2006 by Open Doors Money 0 Comments

In 2006 approximately 110,000 people were registered insolvent - that is entered an Individual Voluntary Arrangement or into Bankruptcy. This is the highest it has ever been, in fact it is the first time figures have gone over the 100,000 mark. This in turn means a record amount of debt has been written off in 2006 - with estimates reaching 1.4 billion just for people who have entered into an Individual Voluntary Arrangement.

Published on Thursday, November 30 2006 by Open Doors Money 0 Comments

We maintian a links resource where you can get advice regarding your financial position this includes advice on Individual Voluntary Arrangements, Debt Management and Bankruptcy.

Published on Thursday, October 12 2006 by Open Doors Money 0 Comments

An Individual Voluntary Arrangement or IVA is a government solution to help people get out of debt. In it you are required to pay only what you can afford each month (based on a detailed household income and expenditure) and over a reasonable period of time - 60 months. What ever is left unpaid is written off as part of the terms of the IVA. Most unsecured debts can be included and whilst in an IVA your interest and charges are automatically frozen, and your creditors can’t contact you.

Published on Friday, November 19 2004 by Open Doors Money 0 Comments

An Individual Voluntary Arrangement (or IVA) is an official debt repayment plan that in most cases includes the freezing of interest, reduction in the total amount of debt owing, and legal protection from lenders as long as the terms of the IVA are adhered to.