Independent Advice
No Bankruptcy. No loss of Dignity
IVA Companies
IVA Companies: The Way Out of your Debt (Without More Debt!)
Apply For The IVA or Debt Relief Plan For Your Own Circumstances
Independent Advice. No Bankruptcy. No loss of Dignity.
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 record.
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.)
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Please 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.
Consumer Credit Licence number 633327.
IVA Companies
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 may change.
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.
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Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.
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