WOW IVA and DRO

What is one of the reasons financial relationships built on trust are stronger?

• They are rooted in the fundamental principles of human behavior.

• They rely on strict regulations.

• They are based on competition.

• They exclude mutual aid.

What happens to debts during the 12 months of a DRO?

• Debts are increased.

• Debts are effectively frozen.

• Debts are immediately written off.

• Debts are transferred to another person.

What is the maximum amount of unsecured debts allowed for a Debt Relief Order (DRO)?

• £30,000

• £40,000

• £50,000

• £60,000

What is the maximum disposable income allowed per month after essential living expenses for a DRO?

• £50

• £75

• £100

• £125

What is the extension called if a member breaks the restrictions of a DRO?

• Debt Relief Extension Order (DREO)

• Debt Relief Restrictions Order (DRRO)

• Debt Relief Prolongation Order (DRPO)

• Debt Relief Continuation Order (DRCO)

What is the typical duration of an IVA?

• Three years

• Five years

• Seven years

• Ten years

Which type of debts are generally excluded from an IVA?

• Credit card debts

• Personal loans

• Overdrafts

• Mortgages

What percentage of creditors must agree to the IVA proposal for it to be approved?

• 50%

• 60%

• 75%

• 90%

What should be checked when receiving Income and Expenditure from an Insolvency Practitioner?

• If the member's income matches their declared circumstances

• If the member has a pet

• If the member likes sports

• If the member has a car