An IVA (Individual
Voluntary Arrangement) is a debt management programme set up by H. M.
Government to provide a solution to the problem of personal debt and
deal generally with the growing issue of personal insolvency. Our clients
are licenced to give IVA advice and do so on the basis that IVAs are
never designed to be one-size-fits-all quick fixes to any financial
problem, because individual circumstances are so different. The
needs of one household can be very different from the needs of the next.
Any advice given by reputable IVA companies must take into account the
diverse nature of the situation in which people live.
Normally an Individual
Voluntary Arrangement will run for five years (sometimes less) and after
the term has finished all the debt is discharged from a person's credit
An IVA will write
off the bulk of your debt at the beginning of the plan (although beware
of the claims of some IVA companies: it is seldom much more than 60
or 65 per cent of unsecured debt which may be 'written off' in this
way). Any good IVA advice will ensure that you get the best results
with the lowest monthly repayment options together
with the greatest percentage of debt write-off at the outset.
So fill in the form
below for impartial and independent advice for your own personal 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.
IVA companies specialise
in providing legal instruments to free people from debt and most people
would jump at the chance of entering into one as it is sanctioned by
the law and releases the holder from the entirety of his or her debt
when the agreed term has been concluded. It is a milder solution to
a long-term debt situation than other more punitive measures such as
bankruptcy and it has none of bankruptcy's stigma.
In order to be eligible
for an IVA the applicant has to be able to demonstrate a net income
which is in excess of a stated minimum and have debts with a total value
of more than a specified amount and no greater than a certain sum, and
such figures will alter from one insolvency company to another. Normally
income must be proved to cover the cost of the calculated repayments
after other necessary outgoings have been paid including mortgage payments
and fuel bills. The usual minimal amount of debt is around £2,000 although
this figure can vary. A ceiling of £50,000 is sometimes given, though
by using an intermediary the applicant will be shown appropriate source
of help to attend to their own circumstances.
An IVA will in general
be drafted by a qualified specialist insolvency practitioner and will
be made specifically to cover the specific requirements. There is no
typical approach to such things as each situation is different to the
next, while some situations differ exceedingly. The insolvency practitioner
will prepare the most advantageous features for the applicant's own
particular circumstances and set up a plan of payments to creditors
which is typically for 60 months, though in certain situations this
A distinct benefit
of such an agreement is that it may immediately cut thedebt by a considerable
percentage. This reduction in the amount of debt makes a huge difference
and is one of the things that differentiates an IVA from a conventional
management program. Therefore people seeking debt reduction programmes
should apply for one of these rather than a standard debt relief programme
on all occasions.
Our economy is
an extremely complicated thing. Expert economists and specialists of
many types want to understand how it works daily. It is like a huge
computer. Inevitably economics impinges upon political and social needs
and such things are usually governed by the kind of society that we
have. Our community is geared towards the need for success ensuring
that generally means exposure to risk. As long as we live with this
insidious aspect of risk we have also the terrible prospect of insolvency,
individual and corporate. Use of specialist IVA companies is meant to
alleviate this risk to a large extent.
iva companies advice
iva companies application
iva companies faqs
iva companies help
iva companies quote
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of IVA Companies. Copyright 2002 -Thereafter.
All rights reserved.