An IVA is a form
of debt management plan set up by government to deal with personal debt
and deal generally with the issue of individual insolvency. Our clients
are licenced to give advice and do so on the understanding that IVAs
are never designed to be one-size-fits-all solutions to any debt problem,
because each individual situation is so different.
The needs of one
household or one individual can vary greatly from the needs of another.
Any debt consolidation advice given must thus take into account the
diversity of the situation in which people live.
Generally an IVA
will be set to run for sixty months (sometimes less) and when this is
complete all the debts are discharged from a person's credit record.
During all this time none of the banks are allowed to contact the debtor.
The IVA carries with it all the benefits of bankruptcy while having
none of the drawbacks.
An instrument such
as this will write off most of a person's debt at the beginning of the
plan (although beware of the exaggerated claims made in some circles:
it is rarely much more than 60 or 65 per cent of total unsecured debt
which can be cancelled). Any decent debt consolidation advice of this
nature will ensure you get the best results with the lowest monthly
repayment options together with the highest proportion of debt write-off.
So complete the
form below for impartial and independent debt consolidation advice for
your own circumstances.
the quick application form:
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have a super-quick and highly professional debt consolidation service.
A qualified and experienced Insolvency Practitioner will be personally
assigned to you and you will get a telephone call back from him or her
very quickly (or whenever you specify on the online form).
out yet another loan is probably the worst thing you can do. What are
you trying to get rid of? Debt. What is a loan? More debt. So why anyone
would fall for this bad debt
consolidation advice is anyone's guess. The only time a loan is
useful for dealing with existing debt is if the one aggregated payment
is considerably less than the sum of all the other monthly payments
which are being consolidated, and you can meet the new repayment amount
quite comfortably on top of your other financial commitments. If those
two conditions aren't met you will be much worse off. You might feel
okay for a year or so, but a few years down the line you will find that
the misery of debt really starts to kick in.
Then comes the best
part of an IVA. The insolvency practitioner will then negotiate with
all your creditors and will cut your total debt by up to seventy per
cent at a stroke. That means that from that point on your total debt
will be reduced by as much as two thirds.
This kind of debt
consolidation advice is better than just getting another loan to add
to your debt, wouldn't you agree?
The IVA is a legally
binding agreement between the debtor and his or her creditors. Payments
for the full amount must be made each month, and after the usual five
year term (six years in Scotland) the debt is completely written off.
During all this time your creditors are not allowed to contact you in
any way. That means no more worrying phone calls, no more knocks on
the door and no more nasty letters. After those five years, or whatever
the time period set, you will be debt-free.
Now go back
up to the application form and change your life today!
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a look at the Insolvency Service's leaflet called 'In Debt',
UK Debt Consolidation
Advice is an independent website service providing a no-obligation
debt consolidation service.
U.S. residents click here to
visit our associates across the pond.