IFA

An IFA is an independent financial adviser. They are individuals who offer advice on financial products & investments. They are separate from any company providing the financial products.

Income                                                                                                                                                                                                                              Income is any money you receive, for example wages, pensions or benefits.

Income And Expenditure

The income and expenditure discussed and prepared with debt clients.

Income Maximisation

Part of Money Advice process to ensure that clients are in receipt of maximum income which involves checking for entitlement to eligible benefits and tax credits

Income Payment Arrangement

Similar to Income Payment Order but an Income Payment Arrangement is based on an agreement with the Official Receiver without the need for a court order

Income Payment Order

Before discharge from a bankruptcy if the Official Receiver considers that the debtor can afford to make a regular financial contributions they can apply to the court for an order which demands this payment which will be divided amongst creditors (once Trustee / OR costs have been met). IPOs usually last for a period of 3 years.

Income Protection

Income protection is a type of insurance. It provides a regular monthly income to replace your wage if you’re unable to work because of an accident or illness.

Income Tax

Income tax is an amount you have to pay on everything you earn & any pensions or investments you’ve got.

Increasing Term Assurance

Increasing term assurance is a type of life insurance. It pays out a lump sum if you die within the term. The amount that is paid out increases the longer the insurance runs for.

Individual Insolvency Register

Electronic Individual Insolvency Register; an online, publicly accessible database of all individuals subject to formal insolvency proceedings; Bankruptcies, IVAs and DROs and all associated Restriction Orders / Undertakings

Individual Voluntary Arrangement (IVA)

An individual voluntary arrangement is a legally binding agreement between you & your creditors. Through an IVA, you pay back an agreed proportion of your debts over a set amount of time, usually 5 years or extended to 6 years if you have a certain amount of equity in your property.

Inflation

Inflation is the rate at which prices for goods & services rise over time.

Inheritance Tax

Inheritance tax is an amount your beneficiaries have to pay when you die. The amount they have to pay depends on the amount of assets you leave at the time of your death.

Insolvency

Insolvency is a legal process to get your debts written off. Insolvency solutions include bankruptcy, trust deeds & debt relief orders.

Insolvency Practitioner

An insolvency practitioner is a person who is legally allowed to help people who can’t repay their debts.

Insolvent

A person or a company is insolvent when they can’t afford to repay their debts in a reasonable amount of time & any assets they own are worth less than the amount of money they owe.

Insurance

Insurance is a contract between two people in which one party agrees to compensate the other party for any loss or damage caused by risks identified in the terms of the contract.

Intentionally Homeless 

Deliberately doing something, or failing to do something that causes you to become homeless from accommodation that you could otherwise have stayed in. 

Interest

Interest is a charge for borrowing money or reward for saving money.

Interest Rate

An interest rate is an amount of money that’s added to credit, such as a loan, or paid on a credit balance, such as savings. It is normally shown as a percentage, for example 18.99%.

Interim Order 

An order of the Court for a short period, pending a final outcome. For example an order giving a moratorium for a debtor who is intending to make a proposal for an IVA or an order prior to a final charging order which ensures a notice is registered on the land registry. 

Intestate 

Intestacy are the special legal rules that are used to decide who should inherit property and assets if someone dies without leaving a will or intestate. 

Investment fund

An investment fund is a pool of money that’s managed professionally.

ISA

An ISA is an individual savings account where you don’t have to pay tax on the money you save. But you’re only allowed to save a certain amount of money in the account.

IVA Protocol 

A set of voluntary guidelines which many insolvency practitioners (IPs) follow. The guidelines cover how a straightforward consumer IVA should be put together and how the IP should behave. The protocol has been set up to make the IVA process quicker and simpler for IPs, creditors and applicants.