An IVA (Individual
Voluntary Arrangement) is a form of debt relief program set up to provide
a solution to personal debt and deal with the issue of personal insolvency.
The needs of one
person may vary greatly from the needs of another person or household.
Any IVA advice given
must thus take into account the distinctiveness of the situation in
which people find themselves.
A normal Individual
Voluntary Arrangement will be set to run for 60 months and when the
term is over all the debt is discharged from a person's credit record.
Any good IVA advice
will ensure that most of your debt will be written off at the start
of the plan (although beware of the exaggerated claims made in some
circles: it is seldom much more than 60 or 65 per cent of total unsecured
debt which can be 'written off' in this way). This is what make an arrangement
of this sort much better than a conventional debt management programme,
where there is no large reduction in debt in this way. All good IVA
advice of this sort will ensure you get optimum results with the lowest
monthly repayments together with the greatest percentage of
So complete the
form for independent and impartial IVA advice for your own personal
If you have at least
two accounts in debt, and total debts of £2,000 or more, use the
form below to see if you qualify. (If you owe less than this, or are
on state benefits, then use this
link to apply.)
be aware that figures entered need to be accurate by law, and to give
the best service to you. It is extremely important that you budget for
all necessary expenditure including rent or mortgage, council tax and
utility bills, etc., and any other necessary outgoings related to the
upkeep of your household and inrelation to any specific circumstances
that may relate to you. This website only collects data on behalf of
debt management professionals, from which it will receive affiliate
remuneration for data collection only and does not itself engage in
any debt management services. Other debt management options are available
and may be more suitable. People entering into an IVA
advice or debt management will have this entered on their credit
profile and this may affect their ability to get credit in the short
term or even in the long term in some cases. It is free to apply from
this website; you will be given advice by debt management professionals
and a 'cooling off' period, by law, to decide whether or not the debt
management plan is suitable for you, and you should be aware that a
fee will be chargeable upon a successful arrangement, as with any commercial
transaction. Failure to meet the repayments on an IVA or any debt management
programme may result in serious consequences, including, but not limited
to, bankruptcy. Bankruptcies, CCJs and similar defaults will be entered
into a public register and will remain there for a statutory period
of not less than six (6) years.
Credit Licence number 633327.
to do their best to help folk who have suffered from insolvency. There
are schemes like The diverse corporate and individual voluntary arrangements
to assist the conduct of corporate and personal insolvency and to try
to relieve what is, after all, a highly difficult time, and certainly
good IVA advice is part of the solution. The aim is intended to be towards
protecting possessions if possible and also in protecting the property
of individuals using statutory measures. This takes into account both
private property and also the assets of corporations.
An IVA will be
generally written out by a qualified specialist insolvency practitioner
and will be drafted especially to address the specific requirements
of the client. There is no average attitude to these things as every
situation is different, while some circumstances are considerably different.
The selected insolvency practitioner will prepare the most advantageous
blueprint for the client's own particular circumstances and set up a
programme of repayments to a central fund which is typically over five
years, although in some circumstances this may change.
In order to be
suitable for IVA advice followed by beneficial action the client must
have earnings which is in excess of a stated minimum amount and have
arrears with a total value of more than a specified sum and not greater
than a certain sum, and such figures will alter from one insolvency
practitioner to another. Usually earnings must be demonstrated to cover
the cost of these repayments after other bills have been paid such as
mortgage and council tax. The average minimal debt is around £2,000
though this may vary. A ceiling of £50,000 is sometimes imposed, though
by making use of a third party the client will be directed to appropriate
source to look after their own particular situation.
One distinct advantage
of an agreement like this is that it may immediately reduce the debt
burden by a large proportion. This huge reduction of debt makes a substantial
difference and is the main thing that differentiates this from a conventional
management program. Therefore anyone looking for debt reduction programmes
should apply for that rather than a conventional program every time.
Our economy is
a very complex entity. Economists and specialists of many descriptions
want to comprehend how it works daily. It's like a huge machine. Inevitably
economics impinges upon political decisions and these are chiefly regulated
by the society that we have. Our community at the moment is underpinned
by achievement ensuring that often means exposure to risk. For as long
as we have this risk we also have to live with the ghastly prospect
of debt, both individual and corporate. Use of IVA
advice is designed to alleviate this somewhat.
IVA advice is very
useful and many people would jump at the chance of getting one as it
is sanctioned by the law and releases the client from all debts when
the term ends. It is a much more amiable solution to personal debt than
other harsher measures like bankruptcy and carries none of bankruptcy's
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
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