Arrangements (IVAs) are debt relief programs as part of an initiative
set up by the government several years ago to provide a solution to
the problem of personal debt and deal generally with the growing issue
The needs of one
household can be very different from the needs of another. Any debt
advice given concerning Individual Voluntary Arrangements must thus
take into account the diverse nature of the situation people find themselves
most Individual Voluntary Arrangements will be set for a term of sixty
months and after this all the debts are cleared from the credit profile.
Arrangements will write off the larger part of your debt at the beginning
of the programme (although beware of the claims in some advertising:
it is seldom more than 60 or 65% of total unsecured debt which can be
'written off' by this means). All good IVA advice will ensure that you
get optimum results with the lowest monthly repayment options together
with the highest proportion of debt written off at the outset.
So fill in the application
form below for independent and impartial advice about Individual Voluntary
Arrangements 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.
Voluntary Arrangements IVA
In order to be
eligible for an individual voluntary arrangement (IVA) the applicant
must show proof of earnings which is in excess of a certain minimum
amount and have liabilities of not less than a certain sum and not greater
than a specified maxima, and such figures may alter from one insolvency
company to another. Normally the income must be demonstrated to cover
the cost of the calculated repayments after other necessary bills have
been met such as mortgage and council tax. The average minimum amount
of debt is about £2,000 although this may vary. A maximum threshold
of £50,000 is sometimes imposed, though by using a third party the client
may be directed to appropriate source of help to look after their own
An individual voluntary
arrangement (IVA) will usually be prepared by a specialist insolvency
practitioner and shall be made specifically to match the specific requirements.
There is no one-size-fits-all approach to these matters as all situations
are different to the next, and some circumstances are considerably different.
The selected insolvency practitioner will now prepare the optimum strategy
in accordance with the client's own particular situation and draw up
a programme of payments to a central fund which is typically over 60
months, although in some cases this can differ.
A great benefit
of such an agreement is that it will instantly cut thedebt by a considerable
percentage. This huge reduction in debt burden makes a substantial difference
and is the main thing that distinguishes an IVA from a regular debt
relief program. Therefore anyone looking for debt relief should apply
for that over a standard debt relief programme.
Most kinds of individual
voluntary arrangements will normally be made to last for 5 years, but
often this will vary. At the conclusion of the agreed term the debt
is considered paid off in full. Any debt records which have hitherto
registered corresponding to the applicant's name must be deleted from
the record on the authority of the law.
arrangements are extremely useful legal measures and many people would
jump at the chance of getting one as it is sanctioned by the law and
releases the holder from the entirety of his or her debt at the end
of the agreed term. It is a much milder solution to long-term debt than
other more draconian measures such as making the debtor bankrupt and
carries none of bankruptcy's sting.
A number of disciplines
have evolved surrounding aspects of insolvency, including the law as
well as newer professions like insolvency practitioners. Such experts
have their own strengths and weaknesses. Each one will have their own
area of knowledge and specialisation which you should benefit from to
your best advantage. Making use of individual voluntary arrangements
will make the turnaround from insolvency much easier.
individual voluntary arrangements IVA
voluntary arrangements advice IVA
voluntary arrangements application IVA
voluntary arrangements faqs IVA
voluntary arrangements help IVA
voluntary arrangements quote IVA
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Individual Voluntary Arrangements IVA. Copyright
2002 -Thereafter. All rights reserved.