An individual voluntary arrangement (IVA) is a formal procedure designed to allow those who are struggling with unsecured debts to create an orderly repayment plan. Failing to stick to the repayment plan for your IVA can result in your IVA being declared as failed, however, did you know that hiding your money from an IVA is also a criminal offence? In this guide, we will explain what it means when you hide your money from an IVA, the repercussions and how hiding your money from your IVA can affect your IVA agreement. Should I Hide Money from an IVA? When…
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Embarking on the journey of finding the best IVA company the UK has to offer can feel like a daunting task. It should be tricky if you’re already struggling under the weight of debt. Fret not. This guide provides ten invaluable tips to help you pick the best IVA companies in the UK that will cater to your needs. Warren Marshall Last updated on 07 June 2023 Fact Checked Table of Contents 1. Quick recap: What’s an IVA debt solution? 2. Tip One: Be Aware of the Fee Structure of Best IVA Company UK 3. Tip Two: Look for the…
Are you in debt? Have been given a County Court Judgement (CCJ) by your debtors? A CCJ might sound like a worrying prospect but CCJ Discharged might be one of the ways to stop you from getting stung by a CCJ on your credit file altogether. In this guide we uncover what CCJ Discharged means, what happens if your CCJ is marked as discharged and all the other common questions relating to Country Court Judgements (CCJs). Charlie Walsh Last updated on 22 November 2023 Fact Checked Table of Contents 1. What is a CCJ? 2. Where can I find details…
Are you in debt and need help paying it off? We will reveal 10 ways you can increase your income which could help pay your debts. Paying your debts can be a stressful experience. There are various debt plans in place that can help you clear your debts. Before you start researching into what an IVA is or is debt consolidation the best option for you, have you considered that you might be eligible for additional income to help with your debt problem? There is no magic formula and unfortunately no magic money tree. Instead, we will show you 10…
There are numerous resources available for UK borrowers seeking debt assistance. From essential budgeting tips to comprehensive literature on various debt solutions, the information is vast. However, with the rise of misinformation, including the often-discussed “IVA loophole,” it’s crucial to discern fact from fiction. Before diving into any debt arrangement, it’s imperative to understand its implications. Many debt solutions can profoundly impact your life, so being well-informed is essential. Making an informed decision requires access to accurate and reliable information. Always consult credible sources and verify any information that influences your choices. At Money Advisor, we prioritize helping individuals make…
This is a comprehensive step-by-step guide to help you pay off your credit card debt. Within our 5 helpful stages, you’ll be guided through the best ways to clear your credit card debt so you can make those life-changing steps to financial freedom from your credit card. And what’s the best part? We won’t bore you with the statistics or lecture you about why you got into debt in the first place. Instead, we will provide you with simple and actionable ways to pay off your credit card debt fast. It’s time for the first step: Step 1: Budget Like…
Finding it difficult to keep track of multiple credit repayments? You may be able to manage your debt better through debt consolidation. Debt consolidation is one of the many debt refinancing solutions in the UK. It is ideal for people who wish to sort out their debt issues by simplifying their repayment schedule. A debt consolidation loan is a personal loan that you take out to repay your existing debts. Debt consolidation involves moving and combining all or some of your current debt into a single new account. That means your debt will not vanish, but it will be all…
In 2023, filling out the IVA Application Form is more than just a routine task; it’s your gateway to financial stability. From income proofs to asset declarations and expense details, each field you complete paints a vivid picture of your financial standing. This is why you have to fill this form with careful consideration, and we will guide you through it through this article. Warren Marshall Last updated on 19 September 2023 Fact Checked Table of Contents 1. Why is an IVA Application Form Required When Applying to an IVA? 2. The Process of an IVA Application Form 3. Benefits…
Owing money to many creditors and keeping track of multiple debts can be overwhelming. You spend the better half of your day settling money matters with your bank and right when you get done, you get an angry call from a payday company. For some debtors, especially the ones who are already struggling with loans and arrears, such situations can be particularly stressful. It may seem to them that they are juggling more tricky matters than they can possibly handle. But do not give up. As with most financial dilemmas, there are actionable solutions for this one too. Taking out…
Bankruptcy and insolvency are two words that are thrown about interchangeably in conversation. But in the realm of finance, both of these terms hold very different yet overlapping meanings. Understandably, all this has caused a great deal of confusion. That’s why in this blog, we will be dispelling some of the confusion by discussing the main differences between bankruptcy and insolvency. We will also be covering the situations where each one applies in the UK. What is Insolvency? Insolvency occurs when an individual or a business’s liabilities surpass its assets. Insolvency is an umbrella term used to describe all types…