Independent Advice
No Bankruptcy. No loss of Dignity
Debt Consolidation Programs
Debt Consolidation Programs: The Best Way Out of your Debt (Without More Debt!)
Apply For The Best IVA or Debt Relief Plan For Your Own Circumstances
Independent Advice. No Bankruptcy. No loss of Dignity.
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. Our clients 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. During this time none of the banks are allowed to contact the debtor. The IVA has all the benefits of bankruptcy while having none of the drawbacks. 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 most debt consolidation programs do not have this 'write-off' feature, which is why the IVA is most sought after. However, not all people qualify. To find out if you do, use the form below for independent and impartial advice for your own circumstances.
We are registered under the Data Protection Act. Reg. No. Z1620707.
Bookmark this page!
Debt Consolidation Programs
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.
One distinct advantage of such an arrangement is that it may immediately cut the debt burden by a fair amount. Normally this is as high as 60%, sometimes even more. This reduction in debt burden makes a considerable difference and is one of the things that differentiates this from a conventional debt relief program. Therefore people seeking any sort of debt reduction programme should apply for that rather than a standard debt relief programme on all occasions.
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.
The creditors are not allowed to contact the client when the debt consolidation programs are started. The creditors are barred from pursuing the debt in any way, and if they continue to do so they will be committing a felony and will be punished, which may include a fine or even taking away their licence to trade if they are a debt collecting firm. The applicant always has this assurance in law to prevent the telephone calls and other methods that these people use to intimidate their victims.
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.
![BBCi: Javascript is not available
on this browser](http://newsimg.bbc.co.uk/shared/bsp/hi/services/htmlsyndication/img/synd_js_error_js-inactive.gif")
This website is property of Debt Consolidation Programs. Copyright 2002 -Thereafter. All rights reserved.
