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.
We are licenced to give IVA advice and do so on the basis that IVAs
were not designed to be one-size-fits-all cures to any problem with
money, as each person's situation is so different.
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.
During all this time no banks or debt collectors are permitted to pursue
or harass the debtor. The IVA has all of the benefits of bankruptcy
whilst having none of the disadvantages.
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
debt write-off.
So complete the
form for independent and impartial IVA advice for your own personal
situation.
We
are registered under the Data Protection Act. Reg. No. Z1620707.
Bookmark
this page!
IVA Advice
Governments try
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 a 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.
The creditors are
not permitted to contact the applicant once the IVA has been started.
The creditors are barred from pursuing the debt under any circumstances,
and if they insist on doing so they will be committing a felony and
will be subject to quite severe penalties, which may include a fine
or even loss of their licence if they are a debt collecting company.
The client always has this guarantee against the telephone calls and
other methods these people use in order to harass their victims.
One distinct advantage
of an agreement like this is that it may immediately reduce the debt
burden by a large proportion. Usually this is as high as sixty percent,
often more than that. 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
stigma.
Privacy
Policy | Help
This
website is property of IVA Advice. Copyright 2002 -Thereafter. All rights
reserved.
