A debt IVA (Individual
Voluntary Arrangement) is a debt management plan set up by government
to try to eliminate personal debt and deal generally with the issue
of personal insolvency.
The needs of one
person can be vastly different from the needs of another person or household.
Any debt IVA advice given must thus reflect the diversity of the situation
in which people live.
A normal Individual
Voluntary Arrangement will be set to run for five years (sometimes less)
and when this is complete the debt is discharged from a person's record.
An instrument such
as a debt IVA 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 seldom more than 60 or 65 per cent of unsecured debt which can
be cancelled). All good IVA advice of this nature will ensure that you
get optimum results with the lowest monthly repayment options together
with the greatest percentage of debt written off.
So complete the
application form below for independent and impartial debt IVA advice
which is right for your own personal circumstances.
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.
Most types of debt
IVA will usually be drafted to last for sixty months, although often
this will vary from case to case. At the end of this period the debt
is said to be paid off in full. All records of the various debts which
have hitherto been registered against the client's name and address
must be deleted from the credit records as a result.
The creditors are
not allowed to contact the applicant when the debt
IVA is enacted, though this cannot be guaranteed. The applicant
has some assurance in law to prevent the tedious telephone calls and
non-stop letters that these companies use in order to intimidate their
try to do their best to give some help to people who are suffering from
debt in one way or another. There are government schemes like The various
corporate and individual voluntary arrangements to expedite the conduct
of both personal and corporate debt relief and to try and palliate what
is, after all, a difficult time, and certainly a debt IVA is an integral
part of the solution. The emphasis tends to be toward safeguarding personal
possessions if at all possible and in safeguarding the property of petitioners
by legal means. This an arrangement applies to both private wealth as
much as the assets of businesses on which individual wealth depends.
A debt IVA will
be typically drafted by a specialist and qualified insolvency practitioner
and shall be made especially to match the specific requirements of the
client. There is no such thing as a one-size-fits-all approach to such
a process as each situation is different, while some circumstances are
exceptionally different. The selected insolvency practitioner will then
prepare the optimum proposal for the applicant's own individual situation
and then set up a plan of repayments usually for 60 months, though in
some circumstances this may be made to differ.
A number of disciplines
have evolved surrounding various aspects of insolvencies, and these
include the legal sector and more recent professions such as consultants.
Such experts have their part to play. Each one will have a different
area of knowledge and specialisation which you should make use of to
your advantage. Making use of a debt IVA will make recovery from insolvency
quicker and easier to bear.
Our economy is
an extremely complicated thing. Economists and specialists of all descriptions
try to comprehend how the whole thing works on an ongoing basis. It
is like a huge machine. Arguably economics impinges upon political needs
and these are generally regulated by the society that we have. Our culture
is aligned towards success so generally means risk. As long as we live
with this insidious aspect of risk we have also the ghastly spectre
of insolvency, both personal and corporate. Using a debt IVA is designed
to offset this risk to a large extent.
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
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