Iva Questions

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

H To P

Hire Purchase

Hire purchase (HP) is a form of purchase in which payment for goods is made in installments over a period of time and in which title to the goods supplied (ownership) does not pass to the purchaser until all such payments have been made. Retention of title to goods differentiates HP from other common consumer credit systems.

Holiday Debt

Many people use credit cards to book holidays and also use credit card while on holiday which can compound balance problems. You might also have used a loan to pay for a holiday and now struggle to make the repayments.

Home Furnishings

Hire purchase (HP) is a common form of purchase payment for home furnishings with ownership not passing to the purchaser until all such payments have been made. Retention of title to goods differentiates HP from other common consumer credit systems.

Household Goods

Hire purchase (HP) is a common form of purchase payment for household goods with ownership not passing to the purchaser until all such payments have been made. Retention of title to goods differentiates HP from other common consumer credit systems.

HP

HP or hire purchase is a form of purchase in which payment for goods is made in installments over a period of time and in which title to the goods supplied (ownership) does not pass to the purchaser until all such payments have been made. Retention of title to goods differentiates HP from other common consumer credit systems.

Individual Voluntary Arrangement

IVA or an Individual Voluntary Arrangement is an important piece of government legislation. An IVA allows you to avoid the trauma of bankruptcy for people who owe more than £12,000 to 3 or more creditors, if they are in regular employment. The Debt Counsellors provide IVA advice and IVA information and are licensed insolvency practitioners to agree IVAs for our clients.

Inland Revenue

Tax debts are a priority and the inland revenue can invoke powers to recover debt from a person’s salary or from funds held by their bank or other third party without the need to go to court.

Insolvency

Insolvency is a financial condition experienced by a person or business entity when their assets no longer exceed their liabilities or when they can no longer meet debt payments. An IVA can be a good solution for this problem.

Insolvency Practitioner

Being insolvent means you are unable to pay your debts as they come due. Your total assets may exceed your total liabilities but you are insolvent if the assets cannot be converted into cash to meet the current creditor payments.

Insurance

Your insurance company could be a creditor and you need to make sure important policies such as your buildings and contents is not cancelled due to failed payments.

Interest

Your debt interest payments will continue compounding your debt problem. Once we have set up an arrangement with your creditors so no more interest can be added to your unsecured debt and is effectively frozen.

Interest Frozen

Your debt interest payments will be frozen once we have set up an arrangement with your creditors so no more interest can be added to your unsecured debt.

Involuntarily Bankruptcy

A creditor can file a petition to commence an involuntary bankruptcy on the debtor should the debtor not have taken actions to resolve the problem.

IVA

An Individual Voluntary Arrangement or IVA is an important piece of government legislation. An IVA allows you to avoid the trauma of bankruptcy for people who owe more than £12,000 to 3 or more creditors, if they are in regular employment. The Debt Counsellors provide IVA advice and IVA information and are licensed insolvency practitioners to agree IVA's for our clients.

Joint Debt

If you have debts in joint names the creditor has the right to approach either party to recover unpaid debts.

Landlords

Your landlord will only be contacted if you are in rent arrears.

Liquidation

Liquidation is the process of converting securities or other property into cash. In company terms it is the dissolution of a company, with cash remaining after sale of its assets and payment of all creditors.

Loans

Unpaid loans will become your creditor. You can often replace multiple loans with a single loan, often with a lower monthly payment and a longer repayment period.

Local Court

Your bankruptcy application will be filed at your local county court, usually by an Insolvency Practitioner who 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 as credit cards and loans.

London Gazette

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

Mortgage Company

Your mortgage company payments are a priority debt and it is very important that your mortgage payments are kept up otherwise you could loose your home.

Mortgage Debts

Your mortgage debt payments are a priority debt and it is very important that your mortgage payment are kept up otherwise your could loose your home.

New Bank Account

If your bank is one of your creditors it might be necessary that you change bank accounts and/or banks so that your debt management plan is effectively controlled.

Non Priority

Non priority debts are those whose only course of recovery action is to sue you in the County Court. You should make sure that arrangements to pay your priority debts are made first before making offers.