A Selection of Common Terms Associated With IVA Debt Help
There are plenty of people around the country that are affected by financial problems and all could do with a viable solution to help alleviate these problems. IVA debt help is one possible way of dealing with things but there are a lot of terms associated with this that you may not fully understand. We have given you a brief outline of the meanings of some of the most common terms and phrases used with this form of solution.
Creditor – This is the company or individual that you owe any money to.
Debtor – This is the person who owes money out to people.
Disposable Income – This figure is the amount of money that an individual has left after they have paid for all of their monthly essentials such as food, rent and bills.
IVA – An Individual Voluntary Arrangement is an agreement that is made for a spell of up to 5 years where you have a monthly lump sum to pay between all creditors. A portion of your debts will be written off when this is set up.
Insolvency – The inability to pay your debts as and when they are due or having liabilities that are in excess of assets.
Insolvency Practitioner – A licensed individual that specialises in insolvency, will be authorised by one of a number of professional bodies to carry out their work.
Late Charge – a penalty fee that is imposed when you fail to meet your payments on time.
Preferential Creditor – Has priority over other creditors when funds are distributed by liquidator or trustee in bankruptcy.
Secured Debt – Involved any debt where the creditor uses an asset as security against the loan taken out to purchase that asset.
This is clearly not an exhaustive list of the potential terms and phrases that you ma come across when looking into IVA debt help but it should at least help you to understand things a bit better. If you need any further advice or information then you should consult a financial advisor.
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