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Tag Archives: individual voluntary arrangement

UK Kicks U.S. Ass When it Comes to Debt Relief Options

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Not all that long ago I actually moved to the UK to study the benefits of debt relief options there. There are familiar U.S. based creditors in the UK but they handle debt relief entirely differently. While the U.S. struggled with disreputable debt settlement providers, the UK required debt relief providers to actually hold a debt relief license and be ... Read More »

    UK Individual Voluntary Arrangements to Set Record

    UK IVA

    By Andrew Smith Last year I predicted it would be a record year for IVAs. There had already been more than 40,000 Individual Voluntary Arrangements, the most-used personal insolvency procedure in England and Wales, in the first nine months of the year and here at ClearDebt we were pretty confident the total for the year would top 50,000. Well, on ... Read More »

      I Can’t Afford My UK IVA Payments and Go to Bed Hungry. – Paulette


      “Dear Steve, I am currently on IVA debt management plan. At the moment am unemployed. Struggling to pay my plan. Am a single mother of four children. This is surpose to take five years to be written off or get out of the debt. I am not coping with it. some days we go to bed hungry. Is there a ... Read More »

        I Suggest Bankruptcy Too Often, So Say Some


        I really do read all the comments, all the Twitter messages you send me and appreciate the feedback. Over time a common statement I get is about my recommendations is that people think I suggest bankruptcy too often. For more information on this topic, please see all the links in my free guide about how to deal with debt. So ... Read More »

          I Owe a Lot of Money in Hong Kong for Cancer Treatment. I Want to Avoid Bankruptcy. – Yogi

          asian dragon

          “Dear Steve, I unfortunately was diagnosed with cancer couple of years ago. Due to such unexpected illness, I incurred more than a million HKD debt to cover my medical bills. I am currently working but not enough to cover my debt. I’m still not fully recovered so I’m not sure if I can keep the payments. I dont’t want to ... Read More »

            Can the Creditors Extend Our IVA Even if We Have No Equity in Our House? – Ken

            3D Iva button block cube text

            “Dear Jon, My wife and I are in an IVA and have made all the payments for the last six years. We have no equity in our house at this point. Can the creditors extend the Individual Voluntary Arrangement to eight years to make up for the lack of equity in our house? Ken” Hi, Have you discussed this with ... Read More »

              Individual Voluntary Arrangements Trapping People Over Payment Protection Insurance

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              Brits in Individual Voluntary Arrangements (IVAs) are finding that even after they have spent five years repaying their debt through the binding debt repayment approach they are still stuck in the IVA and can’t get out. As part of the IVA process in the UK, consumers are told they must file a claim for overpayments of payment protection insurance (PPI) ... Read More »

                I’m in the UK And in IVA But Wonder if Actually Filing Bankruptcy Would Be Better. – Sarah

                “Dear Jon, Up until april this year I was a director of my own company with my husband. In april we decided that after 7 years of trading we could not carry on trading, a lot of the debts were in my personal name and I was being hounded by the creditors, I now have my iva approved but I ... Read More »

                  I Am Now a Pensioner. Should I Close Down My IVA – Individual Voluntary Arrangement? – Carl

                  “Dear Jon, IVA since july 2008.£50000 owing I am now a pensioner still trying to work hard What realy will happen at the end of 5yrs.My friends over xmas said its a con and said i should close it down Carl” Carl, You failed to mention if you have property or not, as this can have a bearing on how ... Read More »

                    We Eliminated Our UK Debt With an IVA But a Loan is Reported as Defaulted. – Katie

                    “Dear Jon, My husband and I were in debt (lots of reasons ie becoming parents relocating from large city etc…) so we were finally at our wits end and decided IVA was for us as Rich (husband) is a police officer so bankruptcy was not an option if he wanted to keep his job. We ended up offering the insolvency ... Read More »

                      IVA or Bankruptcy for My Hong Kong Debt? – Anon

                      Ready to Collapse

                      “Dear Steve, English citizen with Hong kong perm residency. Lost job in Aug 2009 in Hong Kong, suffered from severe depression, went back to my parents in the UK, claiming jobseekers allowance since nov 2009, remained unemployed now. When leaving HK, I just left and left credit card bill unpaid. With interest, to date, I owe 185k HKD. I lived ... Read More »

                        Debt Management Industry Facing Widespread Problems in UK

                        The Office of Fair Trading (OFT) in the UK has just released a report warning 129 debt management companies they risk losing their license to operate. The OFT in the UK serves a similar function as the FTC in the U.S. In the UK debt management companies can operate as for-profit companies and fees may be charged. As you will ... Read More »

                          My IVA Has Failed And I’m At The End of My Rope and Considering Death. – Charlie

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                          Charlie “Dear Steve, I had an IVA for 2 years -now failed due to I cannot afford the repayment in the first place anyway, my income was manipulated by my supervisor so that I can get through the IVA petition. Manage to keep it going for 2 years by borrowinf from pot a to pay pot b, so on and ... Read More »

                            I’m in the UK. Is There Any Way I Can Get Out of Debt Without Paying a Fortune for Help? – Dean

                            Ready to Collapse

                            Dean “Dear Steve, I have 2 credit cards and 2 loans totalling almost £52000, i am struggling to make my monthly repayments as the interest is crippling, one of my credit cards has recently been handed to a debt recovery agency which has helped a little as the interest on that has now been abolished. but i am still struggling ... Read More »

                              New Concerns About 40% Credit Card Debt Reduction Proposal

                              Last week I wrote an article Banks Agree to Wipe Out Up to 40 Percent of Credit Card Debt But Watch Out but more information has come to light since then. While consumer advocates are happy about the possibility of getting banks to write off as much as 40% of the debt in order to help consumers avoid bankruptcy, this ... Read More »

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