An IVA (Individual
Voluntary Arrangement) is a form of debt management programme set up
by H M Government to try to eliminate personal debt and deal with the
growing issue of individual insolvency. The
needs of one person can vary greatly from the needs of the next. Any
debt consildation information and advice given must thus reflect the
unique nature of the situation in which people find themselves.
Generally an IVA
will run for 60 months and after the term has finished all the debts
are discharged from a person's credit history. During this time no banks
are allowed to harass or pursue the debtor, though this cannot be guaranteed.
The IVA has all the benefits of sequestration while having none of the
An IVA writes off
the bulk of a person's debt at the beginning of the plan (although beware
of the exaggerated claims made in some advertising and with some misleading
debt consolidation information: it is seldom much more than 60 or 65%
of total debt which can be 'written off'). Any good IVA advice of this
sort will ensure you get optimum results with the lowest monthly repayment
options together with the greatest percentage of debt write-off.
So complete the
application form for independent and impartial debt consolidation
information and advice which is right for your own situation.
If you have at least
two accounts in debt, and total debts of £2,000 or more, use the
form below to see if you qualify. (If you owe less than this, or are
on state benefits, then use this
link to apply.)
be aware that figures entered need to be accurate by law, and to give
the best service to you. It is extremely important that you budget for
all necessary expenditure including rent or mortgage, council tax and
utility bills, etc., and any other necessary outgoings related to the
upkeep of your household and inrelation to any specific circumstances
that may relate to you. This website only collects data on behalf of
debt management professionals, from which it will receive affiliate
remuneration for data collection only and does not itself engage in
any debt management services. Other debt management options are available
and may be more suitable. People entering into an IVA or debt management
will have this entered on their credit profile and this may affect their
ability to get credit in the short term or even in the long term in
some cases. It is free to apply from this website; you will be given
advice by debt management professionals and a 'cooling off' period,
by law, to decide whether or not the debt management plan is suitable
for you, and you should be aware that a fee will be chargeable upon
a successful arrangement, as with any commercial transaction. Failure
to meet the repayments on an IVA or any debt management programme may
result in serious consequences, including, but not limited to, bankruptcy.
Bankruptcies, CCJs and similar defaults will be entered into a public
register and will remain there for a statutory period of not less than
six (6) years.
Credit Licence number 633327.
information will in general be sought by a qualified specialist insolvency
practitioner and the resulting IVA or similar plan will be made specifically
to address the specific requirements of the client. There is no such
thing as a one-size-fits-all approach to these processes because all
situations are different to the next, while some circumstances are exceptionally
different. The insolvency practitioner will draw up the most advantageous
blueprint for the client's individual situation and ratify a schedule
of payments to a central fund which is typically over sixty months,
though in some circumstances this may be varied.
Most sorts of debt
consolidation information will usually be drafted to last over a period
of 5 years, but often this will vary in each case. At the end of the
agreed term the debt is said to have been paid off in full and the client
exonerated. Any records of the debts which have hitherto been registered
corresponding to the client's name and address will be cleared from
the record by authority of the law.
A number of disciplines
have grown up surrounding various aspects of failure, and these encompass
the legal sector and more recent professions including IP consultants.
Such experts have their part to play. Each one will have their own area
of specialisation which you should make use of to your best advantage.
Making use of debt consolidation information should ensure your recovery
is much quicker and easier.
In order to be
eligible for an IVA or similar plan as a result of debt consolidation
information, the client must have a net income in excess of a certain
minimum and have debts of more than a certain amount and not more than
a specified maxima, and these values may alter from one insolvency company
to another. Normally the income should exceed the calculated repayments
after other necessary bills have been discharged including the mortgage
and council tax and utility bills. The average minimal debt is around
£2,000 although this figure can vary. A maximum of £50,000 is sometimes
imposed, though by going through a third party the client may be shown
best source to handle their own circumstances.
attempt to do their best to give some help to people who suffer from
debt in various ways. There are schemes like CVAs and IVAs to facilitate
the methods of both personal and corporate debt recovery and to try
to soothe what is recognised as being a difficult time, and debt consolidation
information is part of this. The outcome is intended to be toward safeguarding
personal resources if at all possible and in safeguarding the wealth
of individuals by legal means. This embraces both private property and
the security of businesses on which individual security depends.
debt consolidation information
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Debt Consolidation Information. Copyright 2002
-Thereafter. All rights reserved.