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Debt IVA

Debt IVA: 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.


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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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.

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Debt IVA

 

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 victims.

Governments generally 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.

 

 


 

 

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Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.

 

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