Luke Ashworth writes for Trapped.co.uk, offering views on debt management, visit www.trapped.co.uk today for debt advicedebt advice and plans.
The Government has made it clear that it soon hopes to allow easier access to Individual Voluntary Arrangements (IVA), today's number one and fastest growing alternative to insolvency.
This plan for an easier to obtain IVA should be in effect within the year according to the latest reports.
The changes hope to make a law that requires only 51% of the lenders who are owed debt to give approval for an IVA. Currently, 75% of the lenders for one's debts must approve for an IVA. This 51% rate would only apply on debts below £75,000. This new plan would also make it quicker to file an application for an IVA and involve less paperwork.
In an IVA, the lenders erase part of the money owed and the creditors must make a fixed agreeable monthly payment every month for a given time.
Charles Howson, chief executive of Accuma, a personal insolvency specialist, said: 'The existing laws are outdated and don't apply to the vast majority of people applying for an IVA today. These rule changes would simplify the process and make taking out an IVA more viable for people in debt.'
There were over 47,000 bankruptcies this year and the easier process for filing an IVA is an attempt to help reduce this number.
Around 20,000 people filed for IVAs this year and it is expected that a total of 30,000 will file for an IVA this year.
One of the main benefits is that creditors cannot get your home while you are on an IVA.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Debt Management Services – Help to Relieve You of Your Debts
- Debt Management Advice: Helps you Move Out of Debt Trap
- Debt Management Advice: Help in Washing Away Worries of Debt
- Debt Management Advice: Help to Deal With Bad Debts
- Debt Management Advice: Help you in Reducing your Debt Burden
- Debt Management Services Help When You are in Massive Debts
- Debt management services helping you in managing your debts in a structured way
- Debt Management Counseling Helps in Debt Reduction
Should I deal with my debts on my own?
By: James Mathews | 04/01/2010Over the past few months I have racked up a few unsecured debts, and I'm wondering whether I should deal with them on my own… or whether I should seek professional debt advice to help me out.
Debt Settlement Help from the J Hass Group
By: J Hass Group | 04/01/2010Are you in a financial situation where you feel over your head in bills? Are you struggling to make ends meet, missing monthly payments
Fix Your Credit – Credit Repair Solution
By: Clifford McHanter | 04/01/2010There are now easy ideas and guidelines that will guide you to fix your credit. These are steps to take so that you can begin the process of fixing your credit.
Fix Your Credit – Credit Repair Solution
By: Clifford McHanter | 04/01/2010There are now easy ideas and guidelines that will guide you to fix your credit. These are steps to take so that you can begin the process of fixing your credit.
Refinancing Questions and Answers
By: refinancefaq | 04/01/2010Auto Refinancing relieve!? My husband and I have a truck payment that is to say 647.51 a month and our APR is 13.45%, we owe $30,671.97 on it we have made 4 payments on it so far! It was brand unsullied never been used when we got it! okay here is my put somebody through the mill, How long do...
Debt Consolidation FAQ
By: refinancefaq | 04/01/2010Credit card debt consolidation abet? I have trouble in handling my credit card debt lately, anyone here could teach me on resolving this issue? ( In local context, I'm Malaysian) In Malaysia, the amount of people in debt is still on the rise. People hold relied heavily on their credit card, car loan, home loan and personal loans. These avenues of...
Is Credit Card Debt Consolidation A Good Choice?
By: Hector Milla | 03/01/2010Many people wonder if credit card debt consolidation is a good choice. The correction of credit card debt is one of the best reasons to enter into a debt consolidation program.
Which One Is Better, Debt Consolidation Or Debt Settlement?
By: Hector Milla | 03/01/2010When faced with debt, things can seem hopeless.
Underwriting on Life Insurance
By: Luk Ashworth | 02/01/2008 | InsuranceWhen you obtain life insurance there are many things to consider before signing the actual contract. You need to analyze the cost over the long term, whether you can afford it, and if you have chosen the right amount of coverage.
Risks With Term Life Insurance
By: Luk Ashworth | 02/01/2008 | InsuranceWhen you are thinking about obtaining life insurance you may have asked yourself if there are any risks.
Enhancing your Business Using a Secured Loan
By: Luk Ashworth | 14/12/2007 | LoansBusiness is of primary importance to real entrepreneurs. With their hunger for growth, expansion and diversification, funds and working capital always seem to be less than what is required.
Secured Loans and Bad Credit
By: Luk Ashworth | 14/12/2007 | LoansNot everyone is financially smart and life is full of temptations. While many of us cross the divide with care, a few of us tread the path with a little carelessness by spending more than we can afford.
Protected Life Insurance
By: Luk Ashworth | 11/12/2007 | InsuranceAre you looking for life insurance in case of an accident or unforeseen terminal illness?
Life Insurance Plans
By: Luk Ashworth | 11/12/2007 | InsuranceWhen you are looking for life insurance you have many options regarding your choices.
Cheap Life Insurance Policies
By: Luk Ashworth | 06/12/2007 | InsuranceAn article showing the potenial pitfalls of cheap life insurance policies.
Why Do you Need a Life Insurance Policy?
By: Luk Ashworth | 06/12/2007 | InsuranceAn article shwoing you why you need a life insurance policy.