An IVA is one of
a series of different type of debt consolidation plans set up by the
government to provide a solution to the problem of personal debt and
deal generally with the issue of individual insolvency.
The needs of one
person can be vastly different from the needs of another person. Any
debt consolidation plans and the advice given must reflect the distinctiveness
of the situation people find themselves in.
Generally an IVA
will run for 60 months and when this is complete all the debt is cleared
from the credit history.
An instrument such
as an IVA will write off the larger part of a person's debt at the beginning
of the plan (although be wary of the exaggerated claims made in some
circles: it is seldom more than 60 or 65% of unsecured debt which can
be cancelled). Any good IVA advice of this nature will ensure you get
optimum results with the lowest repayments together with the highest
proportion of debt written off. Other debt consolidation plans
do not make provision for writing off this bulk debt, and this is the
way in which most people regard IVAs as differing from most other types
of debt consolidation plans and programmes.
So fill in the application
form below for impartial debt consolidation advice which is right 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.)
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 number of disciplines
have evolved related to the area of failure, and these encompass the
law as well as more recent professions like IP consultants. Such experts
have their own strengths. Each one will have their own area of expertise
which you should use as appropriate. Making use of debt consolidation
plans should make your recovery much quicker and easier.
One great benefit
of an arrangement of this kind is that it may immediately reduce your
debt by a huge proportion. Normally this can be as high as 60 per cent,
often more than that. This great reduction in the amount of debt makes
a substantial difference and is the chief thing that differentiates
this from a normal management programme. So anyone seeking help for
debt relief should apply for that rather than a standard debt relief
program every time.
plans will be generally drafted by a specialist insolvency practitioner
and shall be made especially to match the specific requirements of the
client. There is no one-size-fits-all attitude to such things as every
state of affairs differs, and some are considerably different. The selected
insolvency practitioner will now prepare the optimum blueprint according
to the applicant's own situation and ratify a programme of repayments
which is generally for 60 months, although in certain cases this may
In order to qualify
for the better type of debt consolidation plans such as an IVA the applicant
must be able to show a nett income which is above a threshold amount
and have liabilities of not less than a certain amount and not more
than a specified maxima, and such values will change from one insolvency
company to another. Normally the income must cover the repayments after
other necessary outgoings have been met including mortgage payments
and council tax. The usual minimal amount of debt is around £2,000 though
this can vary. A ceiling of £50,000 is sometimes stated, although by
using a broker the applicant may be alerted to appropriate source of
help to handle their own individual situation.
kinds of debt consolidation plans will normally be drafted to serve
over a period of 5 years, although often this will vary. At the end
of this period the debt is considered to be discharged and the client
discharged. Any records of the debts registered corresponding to the
applicant's name will be struck from the records accordingly.
Our economy is
a highly complex thing. Expert economists and scientists of many descriptions
want to comprehend how it operates on an ongoing basis. It is like a
big machine. Inevitably economic policy impinges on political imperatives
and such things are largely governed by the society in which we live.
This culture is aligned towards the need to succeed so generally means
exposure to risk. For as long as we have this aspect of risk we also
have to live with the ghastly prospect of financial ruin, both individual
and corporate. Use of debt consolidation plans is meant to offset this
debt consolidation plans
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Debt Consolidation Plans. Copyright 2002 -Thereafter.
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