If the payments you make are not enough to pay all of your debts until the end of your IVA, you won`t have to pay the rest. The judicial administrator should advise you on this matter. It is a formal agreement with creditors that will write off some unsecured debts and restructure all remaining secured debts, while the person will remain in their home if possible. The private insolvency agreement applies to the liquidation and/or restructuring of secured debts over a six-year period, up to a total of 3 million euros (as well as unsecured debts). The ceiling of 3 million euros can be increased in accordance with your secured creditors and the 6-year limit can be increased to 7 years in certain situations. You don`t need to hire a debt management company – you can find yourself a judicial administrator on GOV.UK. The insolvency department regulates insolvency in England and Wales. In Scotland, the bankrupt accountant manages the private insolvency process and registers corporate bankruptcies on behalf of the Scottish Government. Our specialized teams can offer free debt assistance and assistance for different types of bankruptcies. If you opt for an IVA, prepare a repayment plan with the court administrator. These may be monthly payments, a lump sum or a combination of both. Individual Voluntary Agreements (IVAs) and Protected Trust Deeds (Scotland) are types of insolvencies for which you make payments over an agreed period of time or in the form of a lump sum payment. Here is a general overview of the possibilities of personal insolvency.
The insolvency register contains information on all pending and closed bankruptcies in the last three months. Current restrictions (for example. B bankruptcy restriction orders) are also covered. Your judicial administrator will contact your creditors. The IVA begins when creditors, who hold 75% of your debts, agree to it. It applies to all your creditors, including those who have not agreed. The insolvency solutions available to you vary depending on where you live in the UK. Each insolvency option has a different application process. In some cases, you need a government-approved money advisor to apply, and we can help. A series of measures announced on May 13, 2015 included changes to the personal insolvency system.
All of these changes are now in effect.