My dreams came true; I am so glad

There might be hundreds of stories about the benefits of logbook loan and my case might not be that much attractive. But I am sure that it will help you to decide about the various loan options. I am living in Scotland since last 1 year. First I decided to find the job and earn my livelihood, but later on I realized that I don’t have the potential to work under people. This thinking forced me to start my own business.

Starting a business is not an easy task, you must have strong communication skills for selling your product. Apart from his one should have enough money to start the business. In order to get investment, you need to; not only understand where to get money, but how to persuasively make a case for your business idea. I want to be an entrepreneur and every time I feel that I can handle that easily. Handling a business needed proper management skills but in my case investment was the major problem.

I tried to contact many friends of mine but I could manage to have a small amount of my own; which was not even enough to finish the legal formalities. Although I had some saved amount as well, but those were to be used to purchase the fixed assets. Well I successfully finished the registration and started working on the purchase of assets. When I bought the place/ flat for the office I got in trouble as I didn’t realize that I am finished with all the saving and no one was there who can lend me money. I had no other option but to get the loan and in that time approach the logbook loan.

My business was at pace and I didn’t want to stop this as of the financial issues. I was doing the human resource recruitment; which involved the labor and the housemaids. For that I needed to have the advertisement policy and some sale staff as well; so that they can generate business for us. For few months I was handling it independently but later on it got on my nerves.  I need to hire the staff but the major problem was to pay their monthly salaries and for that it was must to have ample money. I decided to take loan so that I can meet my operational expenses.

I placed the advertisement and hired 2 people, meanwhile I started looking for the loan options. I checked with couple of banks; but the results were not favorable. Then one old friend of mine recommended me to check logbook loan as they provide very convenient loan and it proved to be right. has helped me a lot for the expansion of my business. It has proven to be lucky for me as after the first month I got the huge business and I started paying the payments easily. I reserved the logbook repayment money in my account and without any hassle I retuned the loan amount. Thank you logbook loan for expansion of my business.

Issues Regarding IVA 2016

Issues Regarding IVA:

An IVA is right for you or not?

An agreement of formal bent which allows you to repay the debts of yours in the amount that is affordable for you is referred to as IVA (Individual Voluntary Arrangements).

IVA can have a lump sum payment deal or a payment plan spread over 5 to 6 years. The debtor pays to IP each month, and the IP then pays that to the creditor in a managed way. Creditors deal with the IP instead of the debtor and the debt amount remains fixed. Outstanding debt is cancelled after the final amount paid. IVA is for the UK while Protected Trust Deed is for Scotland.


For almost five to six years, you can make monthly payments that are affordable for you.

If a lump-sum is affordable for you, then you can even offer it as a full and the final payment, and even you can pay it by following the monthly method of payment.

Each time you are done with paying, a written record of remaining debt will be made.

The creditors’ of your, don’t have any right to pursue you for the debt.

Being a homeowner, you can easily take your home by providing the loans and all the mortgage payment to make your home secure.


You will try for remortgaging your home if you find equity in it.

In case, you failed to re-mortgage, then you need to make an extra payment (maximum 12), or an equity some may be offered by the third party.

Be aware of the fact that it may charge an extra interest while remortgaging.

It may affect negatively in the rating of your credit

The IVA of yours will be captured in a register which is for the public.

Some other issues while having an IVA:

Following are some important things one should consider before going for IVA:

Interest can be backdated by the creditors and they can also request the IP for debtor’s bankruptcy in case IVA fails.

Your (the debtor’s) expenditure will be limited and kept in check during the IVA period.

If your financial conditions improve or worsen during the period, you can file a review case so that the T&C can be reconsidered. If your income has improved, you may have to pay a larger amount from now on. Reviews are available annually.

The debts which are a part of an arrangement are discharged after the end of that agreement.

Those debts that are not enclosed will still need to pay, such as, the amount that is under the authority of family court, any type of fines regarding court, debts that may arise from a fraud, the incurred debts after IVA, or loans of student.

There will be no charges for any piece of advice or support that is provided to you before you actually get the setup of your IVA. But the fees will be charged during running the IVA of yours. The fees are off the standard of the industry and this fees is arranged by the creditors of yours. The approval to the fees, before the IVA of your got approved, is mandatory. There isn’t any need to pay any kind of additional charges, as these fees will be deducted from the monthly payment of yours.

If an IVA is recommended to you and you are living in Northern Island doing a self-employment than you may refer to an Insolvency practitioner to whom your IVA will be administered.