Trying to Keep Tax Credits in an IVA

It is natural to be afraid of the unknown but it is far better to deal with the unfavorable aspects of any undertaking than to avoid confronting the difficulties totally. The Individual Voluntary Arrangement (IVA) process is just one of those that a person might have an irrational fear of. One of the things that an insolvent person, who is considering entering into an IVA, should verify is whether they might have been overpaid Tax Credits in previous years. If they learn that they have been paid such an overpayment, if they generate a proposal for an IVA, they can and in fact must enter the overpayment as a debt in their IVA proposal, subject to one particular condition. The overpayment will need to have been 'determined' prior to the date of acceptance of the IVA. Anybody who is convinced that they may have been overpaid tax credits ought to communicate with HM Revenue & Customs otherwise known as HMRC at their nearest tax office and convey their concern to HMRC authorities. When asked for, HMRC can provide a Statement of Account also called a SOA, and will do so as quickly as possible in accordance with the latest earnings data provided by the individual in question. You don't have to be insolvent to sort out this matter. Every person has the right to clarity with regards to their right to receive tax credits. Read more [...]

Learning About Debt Management Plans (DMP)

Financial challenges are a way of life for countless consumers around the world today. Many people facing this type of financial situation are faced with being unemployed for an extended period of time while attempting to keep up with the rising cost of living and the rising debt accumulation in simply needing to survive on a monthly basis. People facing this challenge should be interested in learning about debt management plans. Read more [...]