An IVA (Individual
Voluntary Arrangement) is a debt management programme set up to eliminate
personal debt and deal generally with the growing issue of personal
insolvency. Our associates are licenced to give debt consolidation information
on the basis of the fact that IVAs are never designed to be one-size-fits-all
cures to any debt problem, as each person's circumstances are so different.
The needs of one
household can be very different from the needs of the next. Any debt
advice given must thus reflect the uniqueness of the situation people
find themselves in.
In general an Individual
Voluntary Arrangement will run for sixty months (sometimes less) and
when this has finished all debt is cleared from a person's credit profile.
During the time of the IVA none of the banks or debt collectors are
allowed to harass or pursue the debtor. The IVA has all the benefits
of sequestration while having none of the drawbacks.
An instrument such
as this writes off the larger part of a person's debt at the beginning
of the programme (although beware of the claims in some advertising:
it is rarely much more than 60 or 65 percent of unsecured debt which
can be 'written off'). Any good IVA advice will make sure that you get
the best results with the lowest repayments together with the highest
proportion of debt write-off at the outset.
So complete the
form below for independent and impartial advice for your own personal
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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).
most commonly used form of debt management program is the IVA or Individual
Voluntary Arrangement, although debt management plans may take other
forms as well. The IVA (known as a Protected Trust Deed in Scotland)
was set up by the United Kingdom government as a way of dealing with
the increasing numbers of personal insolvencies and as an alternative
to personal bankruptcy, which is still looked upon as something of a
For debt consolidation
information purposes, the main differences between bankruptcy and an
IVA is that a bankrupt is discharged after three years but may have
to lose everything including his cufflinks and the roof over his head,
whereas the IVA requires at least some of the money owed to be paid
back, and the debtor generally suffers no great material or social discomfort,
the IVA being paid off in full at the end of a five year term.
information is available on the way that an IVA is conducted, which
is always by a qualified insolvency practitioner (as opposed to a salesman
who simply gets the debtor to sign a loan document and then takes the
commission). The IVA is a legal agreement between the debtor and his
or her creditors. The terms must be strictly adhered to, which is why
the insolvency practitioner has to look closely at the income and expenditure
of the client.
At the start of
the IVA up to seventy percent of the total debt is written off completely.
After that the debts are divided equally between the creditors and added
up to an amalgamated lump sum to be payable every month. This usually
needs to be at least £180 and the client needs to have an income
to meet this as well as other normal expenses. The insolvency practitioner
will use the debt consolidation information to work all this out. After
this plan has been put in place it is a legally binding agreement.
Now go back
up to the application form and change your life today!
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