Iva Questions

• Debt Dictionary
• Bankruptcy
• Creditors
• How It Works
• Insolvency Service
• Iva
• Loans
• Mortgages
• Scotland
• Siva

A To G

Assets

Your assets would include property, land, cars, cash, money owed, stocks and investments etc. These are taken into consideration when your debts are reviewed.

Bank

You may need to change banks or accounts and also cancel standing orders but you will need to keep paying your mortgage or rent, utilities and insurances.

Bankrupt

The legal status of an individual or business which is unable to pay its creditors and whose assets are therefore administered for its creditors, by a trustee in bankruptcy.

Bankruptcy

Bankruptcy is a legally declared inability of an individual or company to pay their creditors. A declared state of bankruptcy can be requested or initiated by the bankrupt individual or organization, or it can be requested by creditors in an effort to recoup a portion of what they are owed.

Bankruptcy Advertised

When you are declared bankrupt the bankruptcy application, will be advertised in the London Gazette and the local press where you live.

Bankruptcy Application

You can submit your bankruptcy application online or directly with the government’s insolvency help service.

Bankruptcy Hearing

Once you have filed for bankruptcy an Insolvency Practitioner is appointed as Official Receiver and is usually put forward by the creditors, especially if the majority of the debts are consumer credit debts such credit cards and loans.

A date for the bankruptcy hearing is set and the creditors are contacted to be informed of the bankruptcy hearing and to provide proof of the debts and final balances.

Bankruptcy Petition

A bankruptcy petition is a document filed with the court by either the debtor or a creditor which requests that a bankruptcy order should be made. Creditor's petitions are often based on failure to comply with a statutory demand.

Business Bankruptcy

A bankruptcy case in which the debtor is a business, organisation or an individual involved in business and the debts are for business purposes.

Car Debt

Car finance debt can often be crippling as the car can often be worth less than the outstanding loan amount. You can also have the added disadvantage of payment penalties!

Car Finance

Car Debt can occur from outstanding car finance when your circumstances change. Often the car can be worth less than the outstanding loan amount while you might also have the added disadvantage of payment penalties!

CCJs

A CCJ or County Court Judgment is the term for a judgment made against a person or company for debt in the county court. Normally if a CCJ is paid in full within 30 days of the date of the judgement it won’t appear in the credit register and CCJ’s are a matter of public record.

Consolidation Loans

Debt consolidation loans are a solution to better manage debt problems. Rather than paying off several separate bills each month, a consumer consolidates his or her debts with a financial institution that will arrange for one lower monthly payment extending over a period of time.

Council Tax Debts

If you can't make a Council Tax payment, make a list of everyone you owe money to (your creditors) and prioritise your debts so that you know which debts you need to pay off first.

County Court

County court is where bankruptcy hearings are held. These are usually filed by an insolvency practitioner.

County Court Judgment

A CCJ or county court judgment is the term for a judgment made against a person or company for debt in the county court. Normally if a CCJ is paid in full within 30 days of the date of the judgment it won’t appear in the credit register and CCJ’s are a matter of public record.

Credit Blacklisted

Being credit blacklisted is just another way of saying that lenders do not want to lend you more money. This is generally because you are currently struggling to repay what you have already borrowed or have failed to repay debts in the past.

Credit Card Debt

There are a number of possible different credit card debt help solutions. Credit card debt consolidation loans, an informal credit card debt arrangement with your debtors and even a formal arrangement that could soon make you credit card debt free.

Creditor

A creditor is a person or institution that extends credit to others. This can be a bank or other finance institution such as a credit card company.

Creditors Petition

A creditors petition is the process by which a creditor who is owed a debt may petition the County Court for the bankruptcy of the debtor be it personal or company.

Debt Collector

Debt collectors are also known as credit controllers or collection agents who are responsible for recovering bad debts or late payments. Debt collectors or collection agents usually work for third party collection agencies, and collect money from businesses or individuals who haven't made their repayments.

Debt Consolidation

Debt Consolidation will replace your multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. Debt Consolidation loans for the consolidation of your existing loan debts such as credit cards.

Debt Free

To be debt free is the point when you have cleared either all your problem debts or all debts and no longer have to worry about creditors.

Debt Management

Debt Management plans will reduce and eventually clear all outstanding debt by management of assets and dealing with your creditors. A debt management solution involves entering into an agreement with an established and ethical debt management company that is offering a deal that makes good financial sense.

Debtor

A debtor is person or company who owes money or services to another person or entity.

Debtors Petition

If there is no alternative to bankruptcy a debtor or joint debtors may become bankrupt voluntarily by completing and filing with the official receiver a prescribed document called a debtors petition along with a statement of affairs.

Debts

Debt is that which is owed. A person who owes debt is called a debtor. A person to whom it's owed is called a creditor. Debt is used to create greater purchasing power.

Debts to Friends

A debt to a friend or family is still like any other debt and will count as your creditor.

Debts to Relatives

A debt to family or a friend is still like any other debt and will count as your creditor.

Declared Bankrupt

Once a bankruptcy petition has been filed, a court date will be set for the initial hearing to see if a Bankruptcy Order should be made. Once a Bankruptcy Order has been made, you will be declared bankrupt.

Direct Debits

You may need to change banks or accounts and also cancel standing orders but you will need to keep paying your mortgage or rent, utilities and insurances etc. Send a copy of your cancellation letter to your creditors as well.

Education

Your education information is requested so that we can give yourcreditors a complete picture when making arrangements with them.

File for Bankruptcy

If you file for bankruptcy yourself, the bankruptcy petition is called the Debtor's Petition. If you want to file for bankruptcy you should contact your local court. They will give you the details of your nearest county court that deals with bankruptcy hearing.