What is a DMP?, Debt Management Plan, Debt Missing Plan, Direct Debit Management, Debt Maximisation Plan, What is a DRO?, Debt Ready Officer, Debt Ready Order, Debt Relief Order, Debt Reality Order, What is an IVA?, Invisible Voluntary Arragement, Individual Voluntary Arrangement, What is the main aim of an IVA?, To punish the debtor, To help repay debts affordably, To seize all assets, To avoid paying debts, Who oversees a bankruptcy case?, Insolvency Practitioner, Official Receiver, IVA Protocol Officer, Debt Advisor, Which of the following is suitable for someone with less than £20,000 in debt and a few assets?, IVA, Bankruptcy, DRO, DMP, What legal document governs IVA's in England and Wales?, The Insolvency Act 1986 and The Insolvency (England and Wales) Rules 2016, The Insolvency Act 1966 and The Insolvency (England and Wales) Rules 2016, The Insolvency Act 1996 and The Insolvency (England and Wales) Rules 2016, The Insolvency Act 1976 and The Insolvency (England and Wales) Rules 2016, Name one effect of bankruptcy on an individual's life, Damage to credit rating, Feeling happy, What is the role of the insolvency service?, To make you go bankrupt, To administer and oversee insolvency procedures including bankruptcy and DROs, To take you to court, To tell you off, What is the main purpose of the consumer credit act 1974?, To regulate employment contracts, To protect consumers when borrowing money, To set interest rates for banks, To manage company accounts, Which of the following is a regulated agreement under the CCA 1974?, Business loan for £50,000, Mortgage, Personal loan of £5,000, Buy-to-let mortgage, Under section 75 of the CCA, a credit provider is:, Responsible only for collecting repayments, Jointly liable with the retailer for faulty goods, Exempt from liability if the retailer goes bankrupt, Required to provide free insurance, How long is the cooling-off period for certain credit agreements?, 7 days, 10 days, 14 days, 28 days, Which of the following must a lender issue before taking legal action to recover a regulated debt?, Statement of account, Default notice, Reminder letter, Credit agreement copy, A hire purchase agreement for a car is regulated by the CCA 1974, TRUE, FALSE, A loan to a limited company is regulated by the CCA 1974, TRUE, FALSE, Section 75 protection applies to purchases between £100 and £30,000, TRUE, FALSE, The Consumer Credit Act 2006 removed the £25,000 limit for regulated agreements, TRUE, FALSE, A lender can enforce an agreement in court even if it doesn't meet CCA requirements, TRUE, FALSE, What is the standard limitation period for simple contract debts (like credit cards and loans)?, 3 years, 6 years, 10 years, 12 years, When does a limitation period for a debt usually start?, On the date the credit agreement is signed, When the first payment is missed, When the lender sends a reminder, When a court claim is issued, What happens when a debt becomes 'statue barred' under The Limitation Act 1980?, The debt is wiped from the credit file, The lender cannot enforce it through the courts, The debt is automatically cancelled, The lender can still take court action, What is the limitation period for mortgage shortfall debts (capital)?, 3 years, 6 years, 12 years, 15 years, Which of the following can restart the limitation period for a debt?, Ignoring letters from the creditor, Making a payment or written acknowledgement of the debt, The debt being sold to a new collector, Changing address, The Limitation Act 1980 prevents a lender from ever contacting a debtor again, TRUE, FALSE, If a debtor makes a payment after five years, the limitation period restarts, TRUE, FALSE, For simple contracts, the limitation period is six years from the cause of action, TRUE, FALSE, Mortgage interest shortfall debts have a 12-year limitation period, TRUE, FALSE, A 'statute-barred' debt means the lender cannot legally collect it through court action, TRUE, FALSE, Which is the correct order of seriousness?, DMP-Bankruptcy-IVA-DRO, Bankruptcy-IVA-DRO-DMP, DRO-DMP-IVA-Bankruptcy, DMP-IVA-DRO-Bankruptcy

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