Individual Voluntary Arrangements IVA


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Individual Voluntary Arrangements IVA

Individual Voluntary Arrangements IVA: The Way Out of your Debt (Without More Debt!)

Apply For The IVA or Debt Relief Plan For Your Own Circumstances

Independent Advice. No Bankruptcy. No loss of Dignity.

Individual Voluntary 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 of insolvency.

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 in. Generally 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.

Individual Voluntary 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.)


















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Please 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.

Consumer Credit Licence number 633327.

Individual 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 situation.

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.

Individual voluntary 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.





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Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.


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