An IVA is a form
of debt management plan set up by the government to provide a solution
to the problem of personal debt and to deal with the growing issue of
individual insolvency. The
needs of one household or one individual can be vastly different from
the needs of the next. Any IVA debt solution must take into account
the diverse nature of the situation in which people find themselves.
A normal Individual
Voluntary Arrangement will be set to run for 60 months (sometimes less)
and when this has finished all the debts are discharged from a person's
An IVA will write
off the bulk of your debt at the start of the programme (although beware
of the claims made in some advertising: it is rarely much more than
60 or 65 per cent of total unsecured debt which can be cancelled). The
best IVA debt solution will ensure that you get the best results with
the lowest repayments together with the greatest percentage
of debt write-off.
So fill in the form
for independent and impartial IVA advice for your own personal circumstances.
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.
A number of disciplines
have developed relating to aspects of insolvency, including the legal
profession as well as newer professions including IP consultants. All
these experts have their own strengths. Each one will have a different
area of knowledge and specialisation which you should make use of to
your best advantage. Making use of an IVA debt solution will make the
turnaround from insolvency easier and quicker.
to help people who suffer from insolvency. There are initiatives like
CVAs and IVAs to expedite the conduct of both personal and corporate
debt recovery and to ease what is always a highly difficult time, and
clearly an IVA debt solution is part of getting back out of debt. The
object is intended to be toward safeguarding possessions if possible
and also in safeguarding the wealth of individuals by using statutory
measures. This takes into account both private assets as much as the
assets of businesses.
Most sorts of IVA
debt solution will normally be drafted to serve for five years, although
often this will vary according to circumstances. When the term is over
the debt is said to have been paid off and the client cleared of all
debt records. Any debt records registered corresponding to the applicant's
name and address must be struck from the records on the authority of
In order to qualify
for an IVA debt solution the applicant has to be able to demonstrate
a salary or earnings in excess of a stated minimum amount and have arrears
of more than a specified amount and not greater than a certain sum,
and such values may alter from one insolvency company to the next. Usually
earnings must cover the repayments after other bills have been met such
as mortgage and council tax. The average minimal debt is around £2,000
although this figure can vary. A top value of £50,000 is sometimes imposed,
although by using a broker or intermediary the client will be shown
best source of help to deal with their own circumstances.
An IVA will generally
be prepared by a specialist insolvency practitioner and will be drafted
especially to address the specific requirements. There is no average
approach to these procedures because every situation is different, while
some are considerably different. The selected insolvency practitioner
will now prepare the optimum features in accordance with the applicant's
own individual circumstances and draw up a programme of repayments to
a central fund and this is usually for 60 months, though in certain
cases this may be varied.
An IVA debt solution
is an extremely useful legal measure and most would jump at the chance
of entering into one as it is absolute and discharges the holder from
the entirety of the debt at the end of the term. This is a more gentle
answer to personal insolvency than other sterner measures such as making
the debtor bankrupt and has no connotations of stigma.
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of IVA Debt Solution. Copyright 2002 -Thereafter.
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