An IVA (Individual
Voluntary Arrangement) is one of a series of debt consolidation programs
set up by the government of the day to provide a solution to personal
debt and to deal generally with the growing issue of individual insolvency.
We are licenced to give Individual Voluntary Arrangement advice and
do so on the understanding that IVAs were never designed to be one-size-fits-all
cures to any debt problem, as individual situations can vary so much.
A normal Individual
Voluntary Arrangement will be set to run for 60 months and after the
term has completed all the debt is cleared from a person's credit profile.
Other debt consolidation programs may be set to run for a longer or
shorter length of time, depending on the circumstances of the debtor
and the collective agreement of the creditors.
An instrument such
as an IVA writes off most of a person's debt at the beginning of the
plan (although be wary of the claims in some advertising: it is seldom
much more than 60 or 65 percent of total unsecured debt which can be
'written off'). Any decent IVA advice of this sort will make sure that
you get the optimum results with the lowest repayments together with
the highest percentage of debt written off at the outset.
However, not all
people qualify. To find out if you do, use the form below
for independent and impartial advice for your own circumstances.
So 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.
A debt consolidation
program will be usually drawn up by a qualified insolvency practitioner
and shall be made specifically to match the specific requirements. There
is no such thing as a one-size-fits-all approach to these procedures
as all situations are different to the next, while some differ considerably.
The selected insolvency practitioner will then draw up the best strategy
in accordance with the client's own particular circumstances and then
set up a schedule of repayments to creditors usually for 60 months,
although in certain situations this may change.
Most sorts of debt
consolidation programs will usually be made to last for 5 years, but
often this will vary according to circumstances. When the term is over
the debt is said to be discharged and the client cleared of all debt
records. Any records of the debts which have been registered corresponding
to the applicant's name and address must be cleared from the credit
records as a result.
A number of disciplines
have emerged surrounding the area of insolvent cases, and these encompass
the legal profession and more recent professions including such diverse
types as insolvency practitioners. All these experts should be used
to their best effect. Each one will have their own area of knowledge
and specialisation which you should make use of to your best advantage.
Making use of debt consolidation programs will make recovery from insolvency
quicker and easier to bear.
An debt consolidation
program such as an IVA is a highly useful legal measure and most would
jump at the chance of applying for one of these as it is sanctioned
by law and releases the client from the entirety of his or her debt
when the agreed term has been concluded. This is a more benign answer
to personal debt than other harsher measures such as making the debtor
bankrupt and carries none of bankruptcy's stigma.
Our economy is
a very complex entity. Economists and specialists of all descriptions
want to figure out how it functions every day of the week. It is like
a big machine. At the end of the day economics has an effect on political
and social imperatives and these are mainly regulated by the society
that we live in. Our community at the moment is geared towards success
and that generally means exposure to risk. For as long as we have this
danger we also have the ghastly prospect of insolvency, both corporate
and personal. Use of debt consolidation programs are designed to alleviate
this risk to a certain extent.
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Debt Consolidation Programs. Copyright 2002
-Thereafter. All rights reserved.