IVA and Debt Glossary
We have listed below a glossary of terms used within this web site and indeed terms used throughout the process of an IVA arrangement, Debt Management Plan or Bankruptcy.
Bankruptcy Order - The court order making an individual bankrupt.
Charging Order - A legal security, usually taken over a property.
Creditor - Someone owed money by a debtor.
Debtor - Someone who owes money to a creditor.
Debt Consolidation - restructuring your debts into a single affordable monthly repayment.
Debt Management Plan - This is an informal arrangement to help manage your debts. Ideal for debts below £10,000 and more than 4 creditors.
Individual Voluntary Arrangement (IVA) - See What is an IVA.
Insolvent - You are classed as Insolvent when you cannot afford to repay your bills. Insolvent is not the same as bankrupt.
Insolvency Practitioner (IP) - An Insolvency Practitioner is a legally recognised financial expert. They are usually specialist Chartered Accountants or Solicitors. It is recognised in Law, that only a recognised Insolvency Practitioner can arrange an insolvency procedure such as bankruptcy or an IVA agreement.
Proxy - The authority given by a creditor or member to another person to attend a meeting and speak and vote at a meeting on behalf of the creditor.
Secured Creditor - A creditor who holds security, such as a mortgage or legal charge on a property or other asset.
Security - A charge or mortgage over assets taken to secure payment of a debt.
Statutory Demand - A formal notice requiring payment of a debt.
Official Receiver - An officer of the court, and a civil servant, who is employed by the insolvency service.
IVA Helpline : 08000 935 695.