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 profile. During all
this time none of the banks are permitted 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 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.
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Debt Consolidation Management
A number of disciplines
have developed surrounding aspects of insolvencies, and these include
the law and more recent professions like insolvency practitioners. All
these experts should be used to their best effect. Each one will have
a different area of knowledge and expertise which you should make use
of to your advantage. Making usage of debt consolidation management
will ensure the turnaround from insolvency is quicker.
One chief benefit
of an arrangement of this kind is that it will immediately reduce your
debt by a massive amount. Normally this is as high as sixty percent,
often even more. This huge 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.
The client's creditors
are not permitted to get in touch with the client once the debt consolidation
management programme has been decreed. Creditors are not allowed to
chase the debt in any way, and if they do so they will be breaching
the terms of the arrangement and can be penalized severely, which may
mean a fine or possibly loss of their licence if they are a debt collecting
firm. The applicant has this assurance in law to protect against the
tedious phone calls and other methods that these companies use to harass
and intimidate their victims.
Governments try
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.
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