What Is IVA

When individuals in debt in the UK hear that they should consider an IVA, a common question is most likely, what is IVA? An IVA is an Individual Voluntary Arrangement and is very popular in UK, Spain, and Europe. They are sometimes used in Mexico as well. These arrangements are usually made when an individual has a large amount of debt that is difficult to repay. An IVA often allows them to consolidate their debt into one bill after consultation with a IVA debt management consultant.

What is IVA can be one of the best questions to ask when you are burdened with huge amounts of debt. IVA debt management specialist can negotiate with your creditors and get them to lower interest rates and greatly reduce the overall amount of the loan or other debt by as much as 70% at times. This is a huge potential savings to individuals who have accumulated large amounts of debt. Indeed, the individual voluntary arrangement or IVA debt can help to save you thousands of dollars in interest and other repayment cost. What is IVA should be one of the first questions you ask your debt management adviser.

An IVA will save you money and allow you to keep important assets. Your home and other assets won’t be put at risk when you seek help for your debt. The purpose of an IVA is to reduce debt and make payments more affordable through consolidation. A team of accounts is usually available to assist you as you get your finances in order. Debt management consultants work to freeze the interests on your loans and credit card debt. What is IVA? It depends on what you make it. For many, it is the difference between being burdened by debt and living comfortably.

So if you are burdened by debt, you should consider visiting an IVA debt management consultant and don’t forget to ask them, “What is IVA?” You should compare multiple companies to make sure you get the best deal. Also, check references and make sure that the company that you choose is a legitimate one. Checking references can also help you set reasonable expectations about what the company can do for you.


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UK IVA Rules and Legislations

In UK IVA which is an acronym for Individual Voluntary Agreement is a debt solution which can write off a percentage of the total debt. In some cases, the amount written off can reach 60 to 70 percent of the total debt amount.

UK IVA is an option available for all individuals, single traders and partners. This debt solution is often availed by the debtor to quell creditor pressure. Those who own their property such as a house will not lose their personal assets once UK IVA arrangements are drawn unlike in bankruptcy cases.

For sole entrepreneurs and partners who do not want to lose their business, a UK IVA is the best way to ensure that the business will go on trading. This is a great debt solution especially if the business has a good chance of recovery. Also, if the business recovers and earn them profit, they can use it as repayment for their debts.

UK IVA is a procedure introduced by the government to help debtors draw formal agreement with his creditors so he can make affordable monthly repayment. UK IVA rules and regulations require that the debtor must first apply for it in court.

If the court approves the application, the next step is to hire an Insolvency Practitioner. If you do not know anybody, the court can provide you a list of local practitioners or associations.

The appointed Insolvency Practitioner must file the interim order application in court. The interim order will prevent the filing of bankruptcy by creditors and will ensure that all the creditors actions merit court approval.

The Insolvency Practitioner will then forward the debtors proposal on how he will pay the debt and how much of the debt he wants to be written off. There are various factors considered to be able to come up with the amount to be written off in the proposal.

One factor is the present situation of the debtor. Another is the amount he owed to creditors. And lastly, what amount he is able to pay.

The Insolvency Practitioner will then arrange a meeting between the debtor and all his creditors. For the meeting to be valid, the creditor attendees must make up 75 percent of the total debt.

The debtor must convince the creditors to sign the UK IVA proposal containing the amount of debts to be written off. Once it is signed by both parties, the amount cannot be changed and it becomes legally binding.


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Is It Possible To Gamble Online While Still Being Frugal

Now here’s a question that really targets our love of finance and our love of being at the casinos: is it possible to gamble online while still being frugal?

If you’re worried about this, you’re not alone. The cooling global economy has really put a damper on a lot of entertainment activities. There was a time where you really could just let your hair down and have a good time. However, that’s no longer the case. You have to always maintain a high level of awareness about the world around you. It’s tempting to splurge and spend money that you don’t have, only to find that you have to pull money from other areas to make things work out. That’s no life that anyone would choose to live, yet we find ourselves living that type of life because we just didn’t see it coming.

Friends, it’s time to think about more than just having a good tie. Still, that doesn’t mean that you can’t have a good time. It just means that you’re really going to have to think things through a lot more than you might have in the past. It just means that you’re going to have to be a little strategic.

Being Frugal
First and foremost, this guide assumes that it is legal to gamble online where you are. That said, there are plenty of great casinos out there. Not all of them will accept you depending on where you are, but you have to figure that one out on your own.

As long as you set limits, it is perfectly possible to get what you’re looking for.

You might set a monthly budget for your gambling, as if it were an expense in your budget. You want to have a little sheet for all of your entertainment. If you are going to add gambling to the overall entertainment budget, you should realize that you’re going to have to limit your spending in other areas of entertainment. You might have to cut back on dining out in order to make room for gambling in your life. Of course, there’s nothing that is going to require or force you to do this, but it makes sense to do what you can, while you can.

The best thing that you can honestly do is make sure that you are looking carefully and closely at all of your expenses. If gambling can be pulled off without sacrificing anything essential, then there’s no reason why you couldn’t do it. On the other hand, you definitely want to ensure that you’re really thinking things through if you can help it. It’s tempting to just throw up your hands and do whatever feels good, but chances are good that you have some other goals that you’d like to maintain.

Don’t lose sight of what’s important, but it’s also essential that you have some fun. Life is very short, and no one can just pay bills without having a good time at least once in a while. Check out online gamboling for yourself and remember — as long as you are wise about money, you’re bound to have just as good of a time as everyone else…if not more so!


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The UK Housing Crisis: A Political Problem

A leading think tank has called for the UK to build more houses in order to cope with the current housing crisis in the UK. Arguably beginning in the mid 00s, the burst of the housing bubble has made it all but impossible for a new generation of professionals in their 20s and 30s to get onto the housing ladder. Rent prices are reportedly going astronomical in 2013 and landlords are making a big fat profit.

The average person is losing out in this housing debacle and benefits cuts are leading to a new crisis of homelessness across the UK, with more people sleeping rough and food banks pushed to breaking point. This is particularly acute when more and more reports are detailing the numbers of children who are going hungry at school.

UK Housing Crisis
Charities campaigning against poverty have pointed out that the only meaningful way for the government to reduce poverty in the UK is to force employers to pay above the current average in the UK – that means raising the minimum wage from £6.18 an hour.

Meanwhile, Chancellor George Osborne has made vague promises to build new housing in the UK.  He has made looser planner regulation an important part of his platform. But not everybody is happy about this promise from the unpopular Chancellor.

The debate over where to build will always be a perennial problem with the ‘nimby’ attitude rampant and those keen to solve the housing crisis butting heads with those who understandably want to preserve what little greenery England has left.

The IEA has reported that new build housing could bring housing costs down as much as 40%. A dramatic reduction of this kind would certainly open the door for many people who might have given up dreams of ever owning a property.  Companies such as www.riftuk.com can help with the taxation side of buying a property.

Owning your home has become a symbol of ‘arriving’ as a serious adult in the UK. Not every culture has such a strong tradition of home ownership, which has led some in the UK to argue that perhaps we put too much onus on owning property as a society. By contrast, Europeans are less likely to find property ownership so important.

Young people are the most pessimistic about the situation, especially the generation that graduated university after the financial crash. A survey found that most people between the ages of 18 and 30 believe that they will never be able to afford to buy their own home at all.


Surprise Your Child with a Junior ISA!

The Individual Savings Account (ISA) is still around, and it’s looking better and better. As the economy worsens, it’s time to step back and think about how to protect your family. Of course, many financial guides for the UK touch on this, and encourage you to save. Yet there’s one “gap” that keeps coming up, and we think that it’s time to address it: your children.

You see, saving for the future isn’t something that should be limited only to you and your spouse. It’s something that needs to be taught to our children as well. When children live in a home where good personal finance principles are actually acknowledged and addressed on a regular basis, they are a lot less likely to fall into negative habits that ruin their financial futures. With the credit market cooling, it’s becoming more and more important to be able to have a good credit rating. Savings and borrowing go hand in hand — the more that you can save, the easier it will be to ultimately get what you desire. If you’re thinking about pushing forward into a new financial future and you want to set a good example, Junior ISAs are a good way to go.

You might not recognize the savings program for children, because you might still remember the Child Trust Funds (CTFs) of the past. That program has been phased out and the Junior ISA is the new way to go.


Only the parent or legal guardian of a minor can open up an ISA — but grandparents can deposit money into the account once it’s been opened. Like the regular ISAs, the money deposited is allowed to grow tax-free, and the amount you put in there isn’t subject to tax either. This is a great way to lower taxable income, and it’s an even better way to ensure that your children are safe and taken care of.

It’s also an education thing. Children will get interested in saving if you teach them that it’s a good idea from the very beginning. They can set aside their money over time and you can deposit it into their Junior ISA.

You can also have multiple Junior ISAs, a cash one and an investment one. However, you must make sure that the total limit is respected. The limit increases every year, but it is roughly 3600 pounds per year at the time of this writing.

When your child turns 18, the account will be automatically turned into a standard adult ISA — there’s no paperwork for you to really do. No money can actually be withdrawn by anyone until the child is 18 — then the money is theirs to do with what they wish.

If you’re looking for a good savings vehicle for your children, you really can’t go wrong with the Junior ISA structure — it just works that well!


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