An IVA (Individual
Voluntary Arrangement) is one of a number of debt consolidation services
set up by the government to provide a solution to the problem of personal
debt and deal with the growing issue of individual insolvency. Our clients
are licenced to give advice on the basis of the fact that Individual
voluntary arrangements are never one-size-fits-all quick fixes to any
money problem, as individual circumstances can vary so much.
The needs of one
household can vary greatly from the needs of another. Advice given by
any debt consolidation services must thus reflect the distinctiveness
of the situation in which people live.
Normally an IVA
will run for 60 months (sometimes less) and when the term has finished
all debt is discharged from a person's credit history.
An IVA writes off
the bulk of a person's debt at the beginning of the plan (although be
wary of the exaggerated claims made in some advertising: it is rarely
more than 60 or 65% of total debt which can be cancelled). All good
debt consolidations services will ensure that you get the best results
with the lowest monthly repayment options together
with the highest percentage of debt written off at the outset.
So complete the
form for impartial and independent IVA advice which is right for your
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.
attempt to do their best to help folk who are suffering from debt. There
are government schemes like the various voluntary arrangements to assist
in the methods of both corporate and personal insolvency and to relieve
what has always been a highly difficult time, and debt consolidation
services are an integral part of the solution. The outcome tends to
be toward protecting possessions if at all possible and also in safeguarding
the property of individuals using legal measures. This would apply to
individual assets and also the assets of businesses on which the security
of individuals depend.
A number of disciplines
have grown up related to aspects of insolvent cases, including the legal
sector as well as more recent professions like insolvency practitioners.
All such experts have their own strengths. Each one will have a different
area of knowledge and specialisation which you should make use of as
appropriate. Making use of debt consolidation services will make the
turnaround from insolvency much quicker.
Our economy is
a highly complicated thing. Economic experts and scientists of many
descriptions try to understand how the whole thing operates on an ongoing
basis. It's like a vast computer. Arguably economics impinges upon political
needs and these things are generally governed by the society that we
have. This culture at the moment is underpinned by success ensuring
usually means exposure to risk. As long as we have this insidious aspect
of peril we also have to live with the ghastly spectre of debt, personal
and corporate. Use of debt consolidation services is meant to offset
this risk to a certain extent.
An IVA, which is
one type of instrument which may be suitable from a wide range of debt
consolidation services, will in general be written out by a qualified
specialist insolvency practitioner and will be made specifically to
cover the specific requirements of the client. There is no one-size-fits-all
method to this because all situations are different to the next, while
some are exceedingly different. The insolvency practitioner will then
prepare the most advantageous programme according to the applicant's
individual situation and ratify a programme of payments to a central
fund and this is usually over five years, although in some situations
this can differ.
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Debt Consolidation Services. Copyright 2002
-Thereafter. All rights reserved.