An IVA (Individual Voluntary Arrangement) is a debt management programme
set up by the government of the day to provide rigorous debt consolidation
management and deal with the issue of individual insolvency. Our clients
are licenced to give Individual Voluntary Arrangement advice and do
so on the basis that IVAs are not one-size-fits-all fixes to any debt
problem, because each person's situation is different.
The needs of one
household or one individual can vary greatly from the needs of another
person. Any debt consolidation management advice given must take into
account the diverse nature of the situation people find themselves in.
In general an Individual
Voluntary Arrangement will be set to run for 60 months (sometimes less)
and when this is over all the debts are discharged from a person's credit
An instrument such
as this will write off the larger part of a person's debt at the start
of the programme (although beware of the claims made in some circles:
it is rarely much more than 60 or 65% of total unsecured debt which
can be 'written off'). Any thorough debt consolidation management advice
of this nature will ensure you get optimum results with the lowest
monthly repayment options together with the greatest percentage
of debt written off at the outset.
So complete the
application form below for impartial debt consolidation 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.
One chief benefit
of an arrangement of this kind is that it will immediately reduce your
debt by a massive amount. This reduction of debt burden makes a huge
difference and is one of several things which distinguishes an IVA from
an otherwise regular debt relief plan. Therefore people looking for
such a programme would be best advised to apply for this rather than
a standard debt relief programme every time.
to help folk who have suffered from debt in a number of ways. There
are schemes like CVAs and IVAs to expedite the methods of both corporate
and personal debt relief and to try and soothe what is, after all, a
highly difficult procedure, and certainly a debt consolidation management
plan is involved in this. The emphasis is meant to be towards safeguarding
resources wherever possible and also in safeguarding the property of
individuals using legal measures. This takes into account individual
assets as much as the assets of corporations.
Our economy is
a highly complex entity. Economic experts and specialists of all descriptions
are seeking to come to terms with how the whole thing operates on a
daily basis. It resembles a huge computer. Inevitably day to day economics
influences political and social needs and these things are mainly governed
by the kind of society in which we live. Our society in turn is calibrated
towards successful endeavours so that often means risk. For as long
as we have this danger we have also to live with the terrible prospect
of insolvency, both personal and corporate. Using a debt consolidation
management plan or an IVA is meant to alleviate this to a certain extent.
In order to qualify
for an IVA the applicant has to be able to show a salary or earnings
which is in excess of a stated minimum amount and have arrears with
a total value of not less than a certain amount and not greater than
a specified maxima, and such values will alter from one insolvency company
to another. Normally the income must be demonstrated to cover the cost
of the repayments after the required bills have been paid such as mortgage
and utility bills and council tax, etc. The usual minimum debt is around
£2,000 although this may vary. A top value of £50,000 is sometimes given,
although by using an intermediary the applicant will be steered towards
the best source to deal with their individual situation.
A debt consolidation
management plan such as an IVA will be usually written out by a specialist
insolvency practitioner and will be made especially to address the specific
requirements of the client. There is no one-size-fits-all method to
these matters because all situations are different, while some situations
are considerably different. The insolvency practitioner will draft the
best plan for the client's own particular circumstances and draw up
a schedule of payments to a central fund and this is typically over
5 years, although in certain cases this may be varied.
debt consolidation management
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Debt Consolidation Management. Copyright 2002
-Thereafter. All rights reserved.