Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

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IVA Help - Get Your Finances Back On Track With An IVA

An IVA, Individual Voluntary Arrangement, is a legally binding contract between you and your creditors which enables you to make reduced monthly payments to your lenders in an attempt to pay off a percentage of what you owe whilst avoiding the option of bankruptcy.

If you're looking to find out more information about IVAs then simply apply below. It takes less than 2 minutes and there is no obligation for your free consultation. Get your life back on track by speaking with a qualified insolvency practitioner. Apply Now.

Generally, an IVA is set up over a fixed period, usually 5 years, after which the debt is usually classified as settled. Any interest or further charges become frozen and it is then forbidden for creditors to demand such additional payments. Because of the legal aspects of this agreement an IVA must be set up by a licensed Insolvency Practitioner, a professional accountant who will propose your IVA to the creditor.

The arrangement entails a monthly repayment plan based on your current financial circumstances over a period of 3-5 years, after which the remaining debt is wiped clean leaving you debt-free. Therefore depending on your financial situation, up to 75% of your debt can actually be written off.

What are the advantages? The principal advantages of an Individual Voluntary Arrangement are that you are given the chance to manage your debt in a much more flexible and affordable way. Unlike bankruptcy, you are not restricted to such limitations regarding personal credit, being able to act as director of a company and essentially applying for a mortgage. An IVA is overall a far more private matter and ensures that both your home and job are protected.

Also IVA’s actually provide a better financial return to creditors as the administration costs are by far lower than those of bankruptcy, plus they can reclaim any tax and VAT as a bad debt since an IVA functions the same as an insolvency procedure.

On the other hand the disadvantages of an IVA are, that they are generally run over a much longer period than in bankruptcy, you can only use an IVA if your debts exceed £15,000, and unless specifically stated as excluded in the proposal, your home and any other assets may be at risk should you fail to comply with the agreed terms of the arrangement. Therefore if you do not keep up with the agreed payments it is likely that your creditor will not hesitate to take further action which may result in that which you wished to avoid, bankruptcy.

You must remember that the agreed monthly repayment will be worked out on what you owe and of course what you can comfortably afford. However any extra capital you may have will be expected to add to your repayment contribution and not kept back for your own personal consumption. Therefore you must be prepared to make a series of serious yet realistic cutbacks throughout the period of the IVA. Try to be as upfront as possible regarding your finances from the off start in order to guarantee the most flexible arrangement with your creditor. Any emergency factors such as illness and redundancy must be notified to your Insolvency Practitioner so that a ‘payment holiday’ can be negotiated. This will give to time to get back on your feet before your IVA payments can be resumed.

You must also be made aware that an IVA will affect your credit rating but once it is completely paid off any record of your IVA will be wiped clean from your credit file. It will however take some 12 months or more to reassess and rebuild your credit rating.

If you need help and prefer to speak with a licensed insolvency practitioner please fill in the quick form above. It only takes a couple of minutes to apply. Don't delay, find out more today.

Published on September 16, 2007

Council Tax Bills In England Set To Rise By 3.9%

Council tax bills are expected to rise by an average of 3.9% in April. Costs of policing and employing more Community Support Officers have risen sharply thus affecting the decision to raise the tax. Local Government Minister says there is no excuse for this tax increase because councils could be saving as much as £1.5bn by simply cutting waste and reinvesting in local services... Read More
February 29, 2008

Will Personal Insolvencies Rise As Spending Surpasses Average Income?

Now that the credit crunch is firmly affecting the UK, personal insolvencies are expected to rise in 2008. Consumers prior to the last quarter of 2007 were able to access credit cards, loans, and mortgage products almost irrespective of their credit history. Living costs and expenditures on non-essential items are outweighing average earnings leaving many UK homeowners unable to make repayments and relying dangerously on credit cards bail them out... Read More
February 5, 2008

PPI Profits Sustain Personal Loan Market

Payment Protection Insurance offers huge profits for lenders who sell this product. PPI is a type of protection for the mortgage, loan, or credit card borrower in the event they become unemployed or for some reason cannot make their repayments. However, PPI is expensive and limited in its cover whilst many buyers often are unable to claim on it. The FSA is levying heavy fines to firms that mis-sell Payment Protection Insurance... Read More
February 1, 2008

More People Live In Fear Of Bankruptcy Or Repossession

Recent reports by experts and analysts reveal a real 'frenzy of fear' amongst many UK consumers. Due to the current credit crisis, rising mortgage costs, increasing inflation, and rising utility bills, homeowners and consumers alike are finding it difficult to manage. Home repossessions and bankruptcies are expected to rise this year and some say the 'fear' could be a good thing for consumers to tighten their spending... Read More
January 31, 2008

Northern Rock Looks Set To Be Nationalised

The threat of nationalising Northern Rock has shareholders worried. Investors were warned last week they could lose their invested money if the bank is sold. David Cameron is criticizing ministers for the takeover, saying the nationalisation of Northern Rock would be a final blow to Gordon Brown's economic credibility. ... Read More
January 16, 2008

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Personal Loan Centre - Tips & Information

• Debt Consolidation – What You Should Know
• Understanding Credit Reports
• Bankruptcy Explained
• Understanding County Court Judgements - CCJs
• Free Credit Report - What Does Yours Say?