Debt Consolidation Information










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Debt Consolidation Information

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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 situation.

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We 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).

The 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 social stigma.

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.

Debt consolidation 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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Debt Consolidation Information


Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.

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UK Debt Consolidation Information is an independent website service providing a no-obligation debt consolidation service.


For U.S. residents click here to visit our associates across the pond.