An IVA is one of
a number of debt consolidation solutions set up by H. M. Government
to try to eliminate personal debt and to deal generally with the issue
of individual insolvency.
Generally an Individual
Voluntary Arrangement will be set to run for sixty months and when the
term is over all the debts are discharged from a person's credit history.
The IVA has all the advantages of bankruptcy and none of the drawbacks
of other debt consolidation solutions.
An IVA writes off
the bulk of your debt at the beginning of the programme (although be
wary of the exaggerated claims made in some advertising: it is rarely
more than 60 or 65% of unsecured debt which may be 'written off' in
this way). All good IVA advice of this sort will make sure you get the
best results with the lowest repayment options together
with the greatest percentage of debt written off at the outset. Other
debt consolidation solutions such as conventional debt management plans
do not offer such an attractive proposition.
So fill in the application
form below for independent and impartial advice which is right for your
own personal circumstances.
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.
Our economy is
an extremely complicated thing. Economic experts and specialists of
all descriptions are trying to figure out how the whole thing operates
every day of the week. It resembles a massive machine. At the end of
the day economics has an effect on social and political imperatives
and these are chiefly regulated by the kind of society in which we live.
Our society at present is calibrated towards the need for success ensuring
that often means risk. For as long as we have this risk we have also
to live with the ghastly spectre of financial ruin, personal and corporate.
Using debt consolidation solutions is designed to alleviate this to
a certain extent.
A number of disciplines
have developed surrounding aspects of insolvency, and these encompass
the legal sector and more recent professions including but not limited
to consultants. All these experts should be used to their best effect.
Each one will have a different area of knowledge and specialisation
which you should benefit from as appropriate. Making use of debt consolidation
solutions will make recovery from debt much quicker and easier.
In order to qualify
for debt consolidation solutions such as an IVA, the applicant has to
be able to demonstrate an income which is in excess of a certain minimum
and have debts with a total value of not less than a specified amount
and no greater than a certain sum, and such figures will alter from
one insolvency firm to another. Usually income should be proved to cover
the cost of the calculated repayments after other bills have been paid
such as the mortgage and council tax and utility bills. The average
minimum debt is around £2,000 though this can vary. A maximum threshold
of £50,000 is sometimes imposed, although by going through a third party
the applicant will be directed to appropriate source of help to look
after their own particular situation.
attempt to give some help to people who are suffering from insolvency
in one way or another. There are recognised initiatives like The diverse
individual and corporate voluntary arrangements to take care of the
methods of both corporate and personal debt relief and to ease what
is always a highly difficult procedure, and clearly debt consolidation
solutions are an integral part of the solution. The object of this tends
to be towards protecting personal assets if at all possible and in safeguarding
the property of individuals by legal means. This would apply to private
assets and the wealth of businesses.
debt consolidation solutions
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Debt Consolidation Solutions. Copyright 2002
-Thereafter. All rights reserved.