Apply Debt Reduction IVA Advice
No Bankruptcy. No loss of Dignity.
An IVA is a form
of debt relief plan set up by the government to provide a solution to
the problem of personal debt and deal generally with the issue of individual
insolvency. Our associates are licenced to give debt reduction IVA advice
on the basis of the fact that Individual voluntary arrangements are
not designed to be one-size-fits-all solutions to any money problem,
because each individual situation is different.
The needs of one
household or one individual may vary greatly from the needs of the next.
Any advice given must thus reflect the unique nature of the situation
in which people find themselves.
Generally an IVA
will run for five years (sometimes less) and when the term is over all
the debt is cleared from the credit record. During the time of the IVA
no banks are allowed to harass or pursue the debtor in any way. The
IVA has all the advantages of bankruptcy and none of the drawbacks.
An instrument such
as this writes off the bulk 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 per cent of unsecured debt which can
be 'written off'). All good debt reduction IVA advice of this nature
will ensure that you get the optimum results with the lowest
monthly repayments together with the greatest percentage of
debt written off.
So complete the
application form below for impartial and independent advice which is
right for your own personal circumstances.
laws ratified by H.M. Government, Individual voluntary arrangements (IVAs)
have been made possible. An Individual voluntary arrangement is an easy
alternative to bankruptcy and has none of the shame or stigma attached.
It is an excellent way to deal with insolvency or bad debt issues. In
accordance with the new law, a properly constituted IVA will immediately
write off up to sixty percent (occasionally more than that) of personal
debt at a stroke. Your keen interest in debt reduction IVA advice should
be well rewarded by the transformation in quality of life brought about
Individual voluntary arrangements
are usually set to run for a 60 month period, although sometimes it
may be adapted at the outset to fit in with individual necessities.
North of the border, where such arrangements are called Protected trust
deeds, the span is typically 3 years but may be for four or five years.
With both the IVA and the protected trust deed the debtor client is
protected from aggressive creditors by the law and all debts are totally
and absolutely discharged at the completion of the term (however long
that may be).
The debt management plan
or IVA will be carefully drafted by an insolvency practitioner who is
academically qualified and have a working knowledge of debt reduction
IVA advice. The total amount of unsecured debt and all of the creditors
will be taken into account. Incomings and outgoings will also be considered
and a monthly expenses list will be carefully compiled with the knowledge
of the client and the creditors. Essential household expenditure will
be paid first before any of the creditors are considered. The total
capital debt can be decreased by sixty per cent or more, and any surplus
income of the client is set aside to reduce the remaining debt in a
controlled way and on a considerably reduced basis.
An IVA is a legally binding
document and there are some things that the creditors are forbidden
to do now the IVA is in place. This restriction includes, but is not
limited to, not being able to contact you by phone or letter, or to
contact you in any way at all. If the creditor or his agent (i.e. a
debt collecting company) tries to contact you then they are breaking
the law and could be punished by the courts. Creditors (such as banks,
etc.) have to stop calling and writing letters and must on no account
try to impede the life of the client.