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The most depressing day of the year
2008-01-24 17:39:00
I was sat in front the TV on Monday this week, eating my cereal whilst getting my dose of BBC Breakfast news as normal, when low and behold the news reader announced that Monday 21 January 2008 was officially the most depressing day of the year.Mondays are probably quite challenging for most of us as we drag ourselves out of bed to begin the new working week, couple that with some financial upheaval this week and severe flooding, all on Monday, and I can see where they are coming from.However, this “most depressing day of the year” is not a new claim.A couple of years ago, a scientist at Cardiff University, Cliff Arnall, developed a formula for calculating the most depressing day of the year. His formula expresses the relationship between poor weather, post-Christmas debt, time passed since the yuletide indulgence, failed new year resolutions, motivation levels, and the need to have something to look forward to. It looks something like this:1/8W+(D-d) 3/8xTQ MxNA. Where:W: We...
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IVA - THE ADVANTAGES AND DISADVANTAGES
2007-12-13 15:45:00
According to statistics produced by the Insolvency Service, they recorded 26,072 personal insolvencies in the 3rd quarter of 2007, of which 10,239 were IVAs. Out of 82,279 personal insolvencies recorded so far this year, 33,535 of these have been IVAs, representing 40% of the total. It is clear from the figures above that many individuals feel that the Individual Voluntary Arrangement, or IVA, is their light at the end of the tunnel. Indeed, the IVA is both a flexible and effective method of dealing with debt which offers debtors the protection they need from further legal action in respect of their debts, flexibility with regard to what assets are used to satisfy their debts, and none of the restrictions associated with bankruptcy. Creditors also benefit from a higher return than can usually be expected in the case of bankruptcy. However, if an IVA is your light at the end of the tunnel, you should not forget that it is a legally binding contract between you, your creditors and the...
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Starting an IVA
2007-11-14 17:48:00
Who Can Use An Individual Voluntary Arrangement (IVA)? The use of an IVA as a way to solve your debt problems is available to anyone. Your ability to undertake an IVA is based on your financial circumstances and not your job or profession. An IVA can help anyone who is experiencing difficulty managing their level of debt, and is particularly beneficial for those people who own property which may be at risk if they were to be made bankrupt. An IVA might benefit you if: Your creditors will not agree to an informal debt management arrangement You have already tried other, more informal methods of tackling your debt, but these have failed You owe money to too many creditors making the option of an informal debt management arrangement impractical You are facing the threat of bankruptcy, or you have already been made bankrupt and want to reverse the situation Other benefits of an IVA: If you are running a small business it would be difficult to continue to trade if you were made ban...

How an IVA works
2007-11-14 17:46:00
All your outstanding debts are rounded up into the arrangement and settled within a reasonable and fixed period of time, usually 5 years. It is likely that any interest and administration charges will be frozen as at the date of approval of your arrangement. Once you have decided that an Individual Voluntary Arrangement is right for you, an Insolvency Practitioner, or IP, will assist you in preparing your proposal by asking you a number of questions regarding your current financial situation. This information forms the basis of your proposal and enables the IP to calculate a potential monthly payment. Although the IP helps you draw up your proposal and may suggest what sum of money you should pay into your IVA each month, it is still your proposal. Once drawn up, you need to check you are happy with the proposed agreement. If you are, sign the proposal and return it to your Insolvency Practitioner (IP). If any of your creditors have already begun to take action against you, such ...
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What is An IVA?
2007-11-05 00:20:00
Individual Voluntary Arrangements, or IVAs were first introduced by the government under the Insolvency Act 1986 as an alternative to bankruptcy.An Individual Voluntary Arrangement (IVA) is a formal insolvency procedure. It is an agreement made between you and your creditors whereby you and your creditors come to an arrangement that you will make affordable monthly payments from your income and/or utilise your other assets in order to pay off a percentage of the total amount of your debt. As a general rule an IVA lasts 5 years and, provided you meet your obligations under the agreement, at the end of the 5 years your debt is classed as settled.The IVA is an extremely powerful tool enabling you to put forward a deal to your creditors by way of a proposal which, if approved by the required majority of your creditors, becomes legally binding. However, due to the formal nature of this process, you will need the assistance of a licensed professional, an Insolvency Practitioner, to help y...