An IVA (Individual
Voluntary Arrangement) is the most efficient form of personal debt consolidation
program. IVAs were set up by the government to provide a solution to
the problem of personal debt and deal generally with the issue of personal
The needs of one
household or one individual can vary greatly from the needs of another.
Any personal debt consolidation advice given must reflect the diversity
of the situation in which people find themselves.
A normal IVA will
run for five years and when this completes all debt is cleared from
a person's credit history. sequestration while having none of the disadvantages.
An IVA will write
off the bulk of a person's debt at the start of the programme (although
beware of the claims made in some circles: it is rarely more than 60
or 65% of total debt which can be cancelled in this way). Any good personal
debt consolidation advice of this sort will make sure that you get optimum
results with the lowest monthly repayments together with the highest
percentage of debt written off.
Please note that
this is not a so-called debt consolidation loan, which only serves the
salesman offering it and which gets people further into debt.
So complete the
online form below for impartial and independent personal debt consolidation
advice for your own personal situation.
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.
Most sorts of personal
debt consolidation - typically the IVA - will usually be made to run
for 60 months, but all too often this will vary in each case. At the
conclusion of the term the debt is considered to be discharged and the
client discharged. All records of the various debts which have hitherto
registered corresponding to the applicant's name and address will be
deleted from the record as appropriate.
A great advantage
of such an arrangement is that it will immediately cut the debt burden
by a huge percentage. This vast reduction of debt burden makes a substantial
difference and is one of the things which differentiates this from a
conventional management plan. So people seeking help for debt relief
should apply for that rather than a standard debt relief program every
A number of disciplines
have grown up related to failure, including the legal sector as well
as more recent professions including but not limited to consultants.
Such experts have their part to play. Each will have their own area
of specialisation which you should use to your advantage. Making usage
of a personal debt consolidation IVA should ensure that the turnaround
from insolvency is much more quick.
Our economy is
a very complicated thing. Expert economists and specialists of many
types are seeking to comprehend how the whole thing operates daily.
It has been compared to a vast machine. In the final analysis economic
practice impinges on social and political imperatives and these are
chiefly governed by the society that we have. This community is geared
towards the need for achievement ensuring that usually means exposure
to risk. As long as we have this peril we have also the ghastly prospect
of debt, individual and corporate. Using a personal debt consolidation
IVA is meant to alleviate this risk to a large extent.
Any personal debt
consolidation will be supervised by a qualified insolvency practitioner
and shall be made especially to cover the specific requirements. There
is no average attitude to these procedures as each situation is different
to the next, while some situations are considerably different. The insolvency
practitioner will now draw up the optimum programme according to the
applicant's own individual circumstances and set up a plan of repayments
to creditors which is typically for 60 months, though in some circumstances
this may be made to differ.
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Personal Debt Consolidation. Copyright 2002
-Thereafter. All rights reserved.