|
Debt Facts
In 2003, almost one and a third percent of US househoulds (about 1,650,000) filed for bankruptcy, indicating that bankruptcy may not have quite the stigma attached to it as in other parts of the world. Somehow, the USA, with a population of about...
Debt Management – More Ways to Save on Gas Consumption
The price of gas continues to climb, and with continued uncertainty in the Middle East, they will probably continue to do so. In California and elsewhere, prices for some grades of gas have now reached the previously unthinkable three dollars a...
Getting Out and Staying Out of Credit Card Debt
Credit card debt is a major cause of over one million
bankruptcies each year. The reason is that many people get a
credit card without researching and reading the fine print. By
the time annual fees are added on, along with...
Student Loan Debt Consolidation - Students Cannot Afford to Lose Sleep over Debts.
Studies take a back seat when debts begin to hold a prominent
place in students' finances. Guardians would find this strange,
since most guardians feel that they send their wards more than
enough money to meet the needs of their wards. The needs...
The best strategy to erase credit card debt
The best strategy to erase credit card debt
Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health.
In the below section, I have listed the best...
|
|
| |
|
|
|
|
|
|
Individual Voluntary Arrangements (IVA): The New Debt Solution?
The UK is facing a debt crisis fuelled by over spending and over borrowing. In June of this year personal debt in the UK broke through the £1.1 trillion barrier and Britain’s personal debt is reported to be rising by £1 million every 4 minutes.
The rise in the number of people seeking to set up Individual Voluntary Arrangements (IVA), the government’s much touted alternative to bankruptcy, demonstrates both the extent of the problem and the perceived advantages of this new debt solution. But is the Individual Voluntary Arrangement (IVA) really all it’s cracked up to be?
Until very recently when people were overwhelmed by debt, bankruptcy was the only solution. However, the introduction of the Individual Voluntary Arrangement (IVA) by the government has created a new alternative to bankruptcy which is beneficial for both the debtor and the creditor.
The idea behind the introduction of the Individual Voluntary Arrangement (IVA) was to enable people facing financial difficulties to come to a formal agreement with their creditors rather than having to face bankruptcy.
If an Individual Voluntary Arrangements (IVA) is agreed between the debtor and creditor:
• Interest on the loan is frozen
• Legal proceedings are stopped
• The overall debt is reduced
An Individual Voluntary Arrangement is generally seen as a more favorable option than bankruptcy from both the debtor’s and creditor’s perspective.
This is because
there are no fees or legal proceeding involved with an IVA, unlike with bankruptcy and unlike bankruptcy an IVA doesn’t have any stigmas of disqualifications associated with it. Furthermore, from the creditor’s point of view, an Individual Voluntary Arrangement offers a greater repayment of the debt than would otherwise be achieved if the debtor were made bankrupt.
The only real disadvantages of an Individual Voluntary Arrangement (IVA) are that you can’t borrow more money when an IVA is in place (but this is a good thing since more borrowing leads to more debt); an IVA tends to run longer than bankruptcy (usually for 5 years) and it is possible that you might have to release some of the equity in your home (or in another valuable asset) as part of the IVA agreement.
In conclusion, an Individual Voluntary Arrangement (IVA) can be an excellent way of getting to grips with your debt issues by allowing you to only repay what you can afford over an extended period of time whilst avoiding the stigmas and restrictions associated with bankruptcy.
About the Author: http://www.iva-advice.com is a free and impartial UK debt counseling service. Our advisors are specially trained and anything you tell them is kept entirely confidential.
Source: www.isnare.com
|
|
|
|
|
| Advertisements Promising Debt Relief May Be Offering Bankruptcy |
| Cautions consumers about ads in newspaper, magazine and telephone directories that offer quick fixes for debt problems. |
| www.ftc.gov |
|
| Welcome to Debt Relief International |
| Welcome to the web site of Debt Relief International. |
| www.dri.org.uk |
|
| Debt relief steps, your free guide to debt help. |
| Articles on debt relief, and credit management and repair. |
| www.debtsteps.com |
|
| Factsheet - Debt Relief Under the Heavily Indebted Poor Countries ... |
| The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and ... |
| www.imf.org |
|
| Special report: debt relief | Special reports | Guardian Unlimited |
| February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
| www.guardian.co.uk |
|
| Debt Relief Options - Findlaw for the Public - |
| Welcome to Debt Relief Options. This section contains information about the ... To begin, select one of the Debt Relief Options topics from the list below ... |
| bankruptcy.findlaw.com |
|
| William Brewer |
| The Brewer Law Firm. William E. Brewer, Jr., Attorney at Law Board Certified Consumer Bankruptcy Specialist. 619 N. Person Street Raleigh, NC 27604 ... |
| www.debtrelief.com |
|
| Debt Relief - InCharge Debt Solutions |
| There are many ways to get out of debt, for good, and it may be easier than you think. The first step is knowing your options, the second step is taking ... |
| www.incharge.org |
|
| Economic Policy and Debt |
| May 2006, IMF And World Bank Support Cameroon’s Completion Point Under The Enhanced HIPC Initiative And The IMF Immediately Grants 100 Percent Debt Relief ... |
| www.worldbank.org |
|
| Economic Policy and Debt - The Enhanced HIPC Initiative |
| The Initiative’s debt-burden thresholds were adjusted downward, which enabled a broader group of countries to qualify for larger volumes of debt relief. ... |
| www.worldbank.org |
|
| Debt relief - Wikipedia, the free encyclopedia |
| Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
| en.wikipedia.org |
|
| Debt Analyzer, Debt Reduction Software, Home Page |
| Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
| www.debtanalyzer.com |
|
| Superior Debt Relief |
| We help you get rid of credit card debt much faster than you may believe possible with credit card debt settlement and negotiation tactics, providing debt ... |
| www.superiordebtrelief.com |
|
| Debt Relief - Social and Economic Policy - Global Policy Forum |
| Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006) ... Fearing that the IMF could tie debt relief to economic benchmarks, ... |
| www.globalpolicy.org |
|
| Debt Relief - Global Policy Forum - Social and Economic Policy |
| Debt Relief - Global Policy Forum - Social and Economic Policy. The Debt Relief Page Has Been Moved to: ... |
| www.globalpolicy.org |
|
| BBC NEWS | Business | Q&A: African debt relief |
| BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
| news.bbc.co.uk |
|
| Debt Relief Australia - Start Reducing Debt Today! |
| Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
| www.debtrelief.com.au |
|
| Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
| Specialising in debt agreements, mortgage refinancing and bankruptcy. Company profile, calculators, solutions, media releases, testimonials and existing ... |
| www.foxsymes.com.au |
|
| Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
| Oxfam policy paper on relationship between international debt servicing and poverty. Linked to table of contents and also zipped for download. |
| www.oxfam.org.uk |
|
| What debt relief means for Africa | csmonitor.com |
| This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
| www.csmonitor.com |
|