I’ve been asked in the past: what is an IVA? so I thought I would finally explain the voluntary bankruptcy process as well as give a quick synopsis of the Individual Voluntary Arrangement. IVAs are only available in the UK.

They are a way of paying down a large amount of debt while even writing off a portion of that debt. In some cases you can write off 75% of your debt but that number is usually slightly lower.

Wikipedia describes an IVA as follows:

The IVA was established by and is governed by Part VIII of the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor’s creditors via an Insolvency Practitioner. Usually (but not necessarily) the IVA comprises only the claims of unsecured creditors, leaving the rights of secured creditors largely unchanged.

That pretty much sums up the process anyway. For a more information check out on of the great IVA sites.

There has been much speculation of late that a EU aid package for Greece was in doubt pressured Greek government bond prices and drove up the cost of insuring the country’s debt against default. It looks like they might want to start looking into a debt management strategy asap.

The market is also being dragged down by prices of some of the Europe’s other broke arses. Some would include Spain and Portugal on that list but I’m not going to say it myself.

The moves were triggered when Greek Prime Minister George Papandreou asked the EU to agree to standby loan agreements at its summit next week to back up Greek borrowing. Hes saying he’d like the EU to help out rather than the IMF but we’ll see what ends up happening. All and all its not looking so good in Greece right now. Best of luck to them.

We haven’t been posting much here but will attempt to over the next little while. I did see this online though…

Canadian Finance Minister Jim Flaherty said he can “cause” the country’s banks to remove Web-site marketing of their insurance services if they don’t reach an “amicable conclusion” on the issue.

Just noticed this Business Week article with Jim Flaherty asking lenders on Oct. 7 to “quickly” remove marketing for their insurance operations from their Web sites, saying it violates government restrictions. Six months later, his office is still consulting with banks on the issue.

Interesting news out of Ottawa.

We had a phone call the other day about an IVA so I’ll explain it really quickly. They’re actually only available in the UK. IVA is short for Individual Voluntary Arrangement. It is an alternative to bankruptcy for individuals in the United Kingdom. IVAs were originally established by the Insolvency Act of 1986 and they are a formal repayment proposal presented to creditors on behalf of the debtor – and this is made by an Insolvency Practitioner.

IVAs are formal agreements between you and your creditors where you will come to an arrangement with people you owe money to. Typically the period is over 5 years but it can vary depending on a number of factors. Anyways, that’s my brief explanation of an IVA. If you need more help there are a whole bunch of great IVA sites out there. Just do a search!

I just wanted to wish everyone a Merry Christmas from the Team! Have a great Holidays and think about the Team if you’re looking for life insurance resources in the new year. All the best to you and yours,

The Team

This is a guest article from Neil at Personal Finance World.

Group term life insurance is another type of life insurance cover, which the employers provide to their employees. It is an insurance contract that covers an entire group of people. It is also often provided as an employee benefits package. The policy generally is matured when an employee retires i.e. when he is around 60-65 years. The cost of such type of insurance policy for an employer is much less than what a person gets for an individual insurance cover. Such types of insurance policy are good if an employee does not have his personal policy or if his policy is inadequate. The employers usually pay most of the premiums of such policies, although a little employee contributions are also added to the premiums.

Group term life insurance coverage remains effective until the termination of employment of an employee or the term of the policy comes to end after a specific period. A person has the option to convert his group policy to an individual policy if he quits the employer. After the termination of service, the employer will no longer pay the premiums for the terminated employee. However, most people do not do such as the amount of premiums to be paid toward the individual coverage will be higher.

As with other types of group benefits, group term life insurance is normally cheaper than similar individual policy coverage. Hence, a group term life insurance policy is often considered as a better employee benefit package.

We know what it’s like, trust us.  All those hours spent shopping for insurance, and what do you have to show for it?  Chances are you are paying to much for something you didn’t really want in the first place.

That’s why we started Team Insurance Broker, because we wanted to make a difference.  Team Insurance Broker is about empowering you, and making you the captain of your buying experience.  It’s the breakaway you’ve been waiting for as you look to score top shelf in overtime.  Think of it as the winning hoop of insurance prices. The slam dunk of getting the best deal.  The winning point of a cricket match of insurance. The grand-slam of budgeting.  Like winning the Tour de France of best deals.

Yes, we are the action force of life insurance brokers and we are here to make a difference.  We want to get you the best deal possible, and we’re willing to work damn hard to achieve it.  Sorry about the language, but if you’re looking for a more committed team of professionals, then you won’t find it.  Simple as that.  So are you ready to meet the team?

(FROM LEFT TO RIGHT)

Tim Sedhu – Over 3 years in the business and already leading in assists for getting the best deals in insurance!

Karl Jones – Our senior advisor who knows a thing or two about going for touchdown passes in insurance!

Timothy Edwards – Think you know insurance? Think again because Timothy is the man with the golden hands!

Jason Sugarman – His name suggests he is sweet, but wait till he puts on his gloves!

Fredrico Montegano – How does the Team Insurance Brokers offices stay so clean? Just ask Fredrico!

George Sampson – You can find him lacing up and training into overdrive to get you the best deals!

So if you’re ready to get the best deals and get the TEAM working for you, then just send us an email.  Unfortunately we reserve the right to not take you on as a client, as we get over 1,000 requests a day and the team can only do so much. Oh, and what’s the speciality of the team you ask? Life Insurance.  Everything from term life insurance, to whole life insurance to disability insurance, to critical illness insurance to permanent life insurance.  You name it, and if it’s insurance we’ll take it to OT to get you the best deal.