Debt Settlement IVA

Best Debt Consolidation IVA

Debt Settlement IVA

Apply Debt Settlement IVA

Independent Advice. No Bankruptcy. No loss of Dignity.

A debt settlement IVA is a debt relief plan set up by the government to provide a solution to the problem of personal debt and deal with the growing issue of personal insolvency. We are licenced to give Individual Voluntary Arrangement advice on the basis of the fact that IVAs are never designed to be one-size-fits-all remedies to any problem with money, because each person's circumstances are different.

The needs of one household or one individual can vary greatly from the needs of another person or household. Any IVA advice given must take into account the uniqueness of the situation people find themselves in.

Generally a debt settlement IVA will be set to run for 60 months and when the term has finished all debt is cleared from the credit history. During all this time no banks are allowed to contact the debtor. The IVA carries with it all the benefits of bankruptcy while having none of the disadvantages.

An instrument such as this will write off the bulk of a person's debt at the beginning of the programme (although be wary of the exaggerated claims in some advertising: it is rarely more than 60 or 65% of total unsecured debt which can be 'written off'). All good IVA advice will make sure you get optimum results with the lowest repayment options together with the highest percentage of debt write-off at the outset.

So complete the form for independent and impartial IVA advice for your own circumstances.

 

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Debt Settlement IVA: The Bigger Picture

The IVA will be compiled by an insolvency practitioner who will be qualified in such matters and have a working knowledge of a debt settlement IVA. The total amount of debt and the total number of creditors will be considered together. Incomings and outgoings of the client will also be looked at and a monthly balance sheet will be drawn up with the knowledge of the client and the creditors. Essential bills will be paid first before any of the creditors are considered. The total capital sum of debt can be reduced in this way by as much as sixty per cent or more, and any money left over is set aside every month to reduce the debt in this structured way and on a considerably reduced basis.

An Individual voluntary arrangement is legally binding and there are certain things that creditors are bound by law not to do when the Individual voluntary arrangement is in place. This restriction includes not being permitted to contact you by phone or letter, or to attempt to contact you at all as long as this arrangement exists. If the creditor or his one of his agents (i.e. a debt collector) tries to contact you during this time they will be in breach of the IVA. Creditors (such as banks, credit card companies, etc.) must stop all letters and phone calls and should on no account try to conflict with the day to day life of the client.

It's true that a debt settlement IVA may well help people reorganise their busy lives and improve things generally. It is a carefully crafted program devised to get ordinary people out of their financial difficulties and brought about and designed to ease the relatively harsh individual insolvency laws that existed.

Individual voluntary arrangements (IVAs) are generally designed to run for a 5 year span, though this can be adapted at the outset to satisfy individual specifications. In Scotland, where they are known as trust deeds or protected trust deeds, the term is usually 3 years but may be 4 or 5 years. With both the Individual voluntary arrangement and also the trust deed the debtor client is safeguarded from predatory creditors by the various insolvency laws and their debts are completely and utterly removed at the end of the span (however long that may be set to run).

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