Print Article for : A Change Of Destiny

Your Online Guide » Guide to Finance » How To Handle Finances

[A15]A Change Of Destiny

by Rakesh Gaikwad, Rak

Five years is undoubtedly quite a long time and although when a debtor agreed to the terms of their Individual Voluntary Agreement (IVA) they did so with the very best of intentions to keep up the payments for the full duration of time, it is a fact of life that people's circumstances can change. For example they can be made redundant or have an accident which makes it impossible for them to carry on working in either the short or long term, they may also become separated from their partner or have a new child.

For whatever reason the debtor's circumstances change it is essential that they inform their Insolvency Practitioner as soon as possible to see if there is a possibility to make a variation in the IVA. The Insolvency Practitioner will consider this possibility and if they believe there is a reasonable chance that the creditors will agree to a variation in the IVA arrange a meeting with them. However, there is no guarantee that the creditors will agree to either a meeting or a variation.

In a more positive light there are also changes of personal circumstance which makes it possible for the debtor ask for the IVA to be paid before the end of the five year term. This could be for example that they have unexpectedly inherited some money or they have a change in their marital situation which leaves then with some additional income or assets. In these types of circumstance it is possible to ask for a ‘full and final settlement', however this will only be possible if the new contribution of money is sufficient to pay back the original debt in its entirety or a highly significant amount of it. If there is insufficient money to pay the entire amount back to the creditors they may consider taking some of the contribution from the lump sum but will also continue to take the monthly payments as well. Whichever option may be available; the debtor should speak with their Insolvency Practitioner and take their advice as they will then make any necessary arrangements on the debtor's behalf.

Although most IVAs include specific clauses which take into consideration windfalls, bonuses and more than anticipated pay rises the creditors will stipulate that they will require fifty percent of these occurring within the five years to be contributed to the IVA, unless the money is sufficient to request a full and final settlement.

The Insolvency Practitioner will assess what monies are available in the IVA fund at the end of each year, this money will then be divided out to each of the owed creditors on the debtor's behalf. The division of the monies is dependant on how much each creditor was originally owed.

When the five year term has come to an end and all of the agreed monthly monies have been successfully paid the IVA will pay the final dividend to the creditors and the IVA closed. At this time the monthly payments are stopped and the bank account closed. All parties will be informed by the Insolvency Practitioner of a successful completion and this particular episode in the debtor's life will be finished.

They say that only when you achieve your goals in life, you could attain the true meaning of happiness. Well that is true for some. Some would just live life not knowing their true desires and goals in life, but there are other that seeks fulfillment in what they do and what they provide. This is what the book Bring Your Vision to Life is all about.
Bring Your Vision to Life is a book on how to, well, bring your vision to life. It challenges its readers to make a significant change in their lives and the lives of others around them. It provides a way for us to determine our career building goals, while making a positive change in the world.
Now don't take the book as another one of those help or feel good book. The book involves much hardship and sacrifices, and well it does. To achieve our career building goals, we must go through a lot of hard work and adversities to overcome just to achieve our career building goals.
Bring your Vision to Life is not just any feel good books. The book brings you further down deeper into your inner understanding of your career building goals. It's a book that challenges us to step out with God and make a positive change in the world, and it does this in a practical way. It lets us see our selves the way god sees us, not through the eyes of men but through the eyes of heaven by providing us with the right career building goals.
The book is a call to action. Throughout the book you'll find simple basic principles related to your vision-quest, as well as practical advice. But, the book doesn't leave you hanging. It helps you put the structure in place to make your vision happen.
The book contains a number of resources to help the reader. In the back of the book is a five week group study for those who want to work through this with others. There are also podcasts (video and audio) to support the book that can be found at www.visiontolife.org.

Article Source : Pg. 116

About Author

Both Rakesh Gaikwad & Christine Layug are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Rakesh Gaikwad has sinced written about articles on various topics from Finances, Home Management and Auto Insurance. Money Solve is specialized in effective debt management and solely dedicated company which helps people in financial difficulty. An will ensure that you will have e. Rakesh Gaikwad's top article generates over 49500 views. to your Favourites.

Christine Layug has sinced written about articles on various topics from Shopping, Public Relations and Finances. . Christine Layug's top article generates over 1830000 views. to your Favourites.