Independent Advice
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Debt Management IVA
Debt Management 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.
A debt management IVA (Individual Voluntary Arrangement) is a debt relief program set up to deal with personal debt and to deal generally with the growing issue of individual insolvency.
The needs of one household or one individual can be vastly different from the needs of another person. Any advice given concerning a debt management IVA must reflect the unique nature of the situation in which people find themselves.
In general an Individual Voluntary Arrangement will be set to run for sixty months and when the term has finished all the debts are discharged from a person's credit profile.
A debt management IVA will write off the bulk of your debt at the start of the plan (although beware of the claims in some advertising: it is rarely much more than 60 or 65 percent of total unsecured debt which can be 'written off' in this way). Any good IVA advice of this sort will ensure that you get the best results with the lowest repayment options together with the greatest percentage of debt written off.
So complete the online form below for impartial debt management IVA advice for your own 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.
Debt Management IVA
A debt management IVA will in general be drawn up by a qualified insolvency practitioner and shall be made specifically to match the specific requirements of the client. There is no such thing as a one-size-fits-all method to such things as all situations are different to the next, and some circumstances differ considerably. The insolvency practitioner will now prepare the best blueprint for the applicant's individual situation and then ratify a plan of repayments to a central fund usually for sixty months, although in some situations this may change.
In order to be suitable for a debt management IVA the client must be able to demonstrate a nett income which is in excess of a stated minimum and have debts with a total value of not less than a certain amount and not greater than a specified maxima, and such figures may alter from one insolvency practitioner to the next. Normally income should exceed these repayments after other necessary outgoings have been met including mortgage payments and council tax and utility bills. The usual minimal amount of personal debt is around £2,000 although this can vary. A ceiling of £50,000 is sometimes stated, although by going through a third party the client may be steered to appropriate source to look after their own particular situation.
A number of disciplines have grown up relating to insolvencies, and these encompass the law as well as more recent professions like consultants. All these experts have their part to play. Each one will have a different area of knowledge and expertise which you should use to your advantage. Making use of a debt management IVA will ensure the turnaround from insolvency is easier and quicker.
Governments generally attempt to do their best to help people who have become insolvent in a number of ways. There are government programmes like The various voluntary arrangements to take care of the processes of corporate and personal debt recovery and to relieve what is recognised as being a difficult time, and clearly a debt management IVA is part of the solution. The object is meant to be toward safeguarding personal possessions where possible and in protecting the property of petitioners by using statutory measures. This takes into account both private property and also the assets of corporations.
Most sorts of debt management IVA will be drawn up to last over a period of 5 years, but all too often this will vary from case to case. At the end of the term the debt is considered paid off and the client exonerated. Any records of the debts which have been registered against the applicant's name and address will be struck from the credit records as appropriate.
Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.
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