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
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
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.
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
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.
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.
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Debt Management IVA. Copyright 2002 -Thereafter.
All rights reserved.