IVA - Individual Voluntary Arrangements : Alternative to Consolidation Loans, Debt Management and Bankruptcy

IVA - Individual Voluntary Arrangements

A detailed overview of an IVA (Individual Voluntary Arrangement).

The majority of people want to avoid bankruptcy as it effects are financially crippling not only for the period of the bankruptcy but far beyond in the terms of credit rating. For more information regarding IVA please read on or complete our Financial HealthCheck so we may assess your situation.

In the majority of bankruptcy cases where there is a house that has a value more than its mortgage, whether jointly owned or not, or there are children living in it, the equity has to be realised. This could mean that either your spouse or partner has to purchase your interest or it has to be sold, further adding a burden to your personal relationship.

In some cases bankruptcy can only be the best advice but a different debt solution is the IVA which was introduced as an alternative to bankruptcy by The Insolvency Act 1986.

For more information regarding IVA please read on or complete our Financial HealthCheck as fully as possible so we may assess your situation.

What are the main points of an IVA, its benefits and why thay are not commonly offered as a debt solution?

Simply:-

	An IVA is highly regulated by an Act of Parliament and is less likely to be open to abuse by those who offer this service.
	Only a Licenced Insolvency Practitioner, belonging to a recognised professional body, can act as your Supervisor.
	The IVA is not advertised in any newspaper unlike a Bankruptcy Order.
	A private contract, commonly known as a proposal, is written on your behalf to deal with claims of unsecured creditors in accordance with the Insolvency Act 1986.
	Every consideration is given to the exclusion of the matrimonial home from the proposal.
	A named Licenced Insolvency Practitioner acts as Supervisor throughout the term of the approved IVA.
	Fees are regulated in accordance with the Insolvency Act 1986 and sanctioned by creditors. These are set out in the proposal so that you know exactly who is being paid what, when and from where.
	After the preparation of the proposal an Interim Order of the Court provides creditor protection from debt enforcement and bankruptcy.
	All unsecured creditors to whom the proposals have been sent, are bound by the Arrangement, even if they do not agree to the proposal, if more than 75% of your remaining unsecured creditors agree to the proposal.
	When the proposals are approved interest on debts cease from that date.
	Those creditors who are bound by the proposal cannot petition for your bankruptcy in relation to the debts in the Arrangement and also agree to waive the balance of their debt when the Arrangement has successfully been concluded.
	If your financial circumstances change beyond your control the Licenced Insolvency Practitioner will always be sympathetic and advise you on the appropriate course of action to assist you.

Clearly the IVA, if appropriate to your circumstances, due to its very nature and highly regulated regime, is the best way forward.

In order for us to fully assess your financial position we require you to complete the following Financial HealthCheck form

General Frequently asked questions about an IVA

Whether you are in the North of England in Newcastle, Sunderland, Middlesbrough, Durham, Cumbria, Lake District, Darlington, Penrith, Carlisle, Workington, Whitehaven, Barrow-in-Furness, Lancaster, Consett, Bishop Auckland, Ulleswater, Keswick, Ambleside, Windermere, Cockermouth, The North West at Manchester, Liverpool, Lancashire, Merseyside, Lancs, Preston, Blackpool, Salford, Everton, Eccles, Blackburn, Burnley, Colne, Lancaster, Carnforth, Oldham, Bolton, Southport, Wigan, St Helens, Warrington, Birkenhead, Rochdale, Barrow-in-Furness, Lytham, Formby, Stockport, Widnes, Runcorn, Huyton, Wallasey, Bootle, Ellesmere Port, Chester, Winsford, Yorshire in Leeds, Hull, Bradford, York, Huddersfield, Harrogate, Halifax, Wakefield, Dewsbury, Barnsley, Castleford, Featherstone, Pontefract, Doncaster, Selby, Goole, Scunthorpe, Wetherby, Tadcaster, Garforth, Normanton, Morley, Rothwell, Pudsey, Clekheaton, Wales in Glamorgan, Swansea, Powys, Cardiff, Aberystwyth, West Wales, South Wales, North Wales, Caernarfon, Bangor, Rhyll, Merthyr Tydfil, Camarthen, Abergavenny, Milford Haven, Haverfordwest, Porthmadog, Holyhead, Welshpool, llandudno, Mold, Wrexham, Brecon, The West Midlands at Birmingham, Worcester, Stratford, Leicester, Wolverhampton, Shrewsebury, Redditch, Bromsgrove, Kidderminser, Halesowen, Stourbridge, Dudley, Solihull, West Bromwich, Walsall, Sutton Coldfield, Cannock, Tamworth, Stafford, Aldridge, Brownhills, Wombourne, Newcastle-Under-Lyme, Stoke-on-Trent, Stone, The East Midlands in Nottingham, Coventry, Derby, Derbyshire, Melborne, Kegworth, Donnington, Loughborough, Coalville, Beeston, Leicester, Melton Mowbray, Grantham, Newark on Trent, Mansfield, Chesterfield, Bolsover, Lincoln, Sleaford, East Anglia at Norfolk, Norwich, Ipswich. Essex, Suffolk, Cambridge, Barnet, Hertfordshire, Great Melton, Pitsford, Northamptonshire, Great Yarmouth, Lowestoft, Felixstowe, Harwich, Colchester, Chelmsford, Thetford, Bury St Edmunds, Basildon, Stevenage, Bedford, The Home Counties at Milton Keynes, Luton, Bedfordshire, Middlesex, Hertfordshire, Dunstable, Slough, Watford, Ayelsbury, Oxford, Chelmsford, Stevenage, Bishop Stortford, Welwyn Garden City, Letchworth, Bedford, Wellingborough, Harpenden, Leighton Buzzard, West Central Engalnd in Bristol, Cheltenham, Gloucester, Worcester, Swindon, Oxford, Hereford, Bath, Cirencester, Evesham, Tewkesbury, Great Malvern, Herefordshire, Stroud, Pershore, Ross, Chipping Sodbury, Thornbury, Malmesbury, Cotswolds, Ledbury, London areas such as Battersea, Clapham, Watford, Dulwich, Bromley, Surrey, Westminster, Lewisham, Knightsbridge, Kings Cross, Mayfair, Chelsea, Shepherds Bush, Kensington, Notting Hill, Kentish Town, Camden Town, Marylebone, Brixton, Tottenham, Wembley, Ealing, Harrow, Richmond, Ilford, South East UK at Kent, Maidenhead, Chichester, Berkshire, Brighton, Hove, Royal Tunbridge Wells, Margate, Folkstone, Canterbury, Ashford, Dover, Hastings, Bexhill, Eastbourne, Sevenoaks, Lewes, Worthing, lancing, Shoreham-by-Sea, Crawley, Horsham, Uckfield, Burgess Hill, Newhaven, Halgate, Peacehaven, Waterlooville, Havant, Rustington, Bognor Regis, Selsey, The Southern region at Southampton, Portsmouth, Hampshire, Bournemouth, Newport, Dorchester, Worthing, Winchester, Chichester, Basingstoke, Crawley, Andover, Poole, Salisbury, Hants, Dorset, West Sussex, Gosport, Fareham, Havant, Isle of White, Lymington, Cowes, Bishops Waltham, Petersfield, South West Engalnd in Devon, Somerset, Bristol, Exeter, Cornwall, Dorset, Plymouth, Bodmin, Penzance, Torquay, Honiton, St. Austell, Newquay, Falmouth, Truro, Redruth, Perranporth, St. Ives, Lands End, St. Just, Penryn, St. Mawes Wadebridge, Liskeard, Looe, Dartmoor, Bideford, Barnstaple, Ilfracombe, Woolacombe, Exmoor or Northern Ireland at Belfast, Lisburn, Newry, Antrim, Armagh, Omagh, Enniskillen, Magheaifelt, Ballymena, Londonderry, Ballymoney, Bangor, Newtownards, Port Rish then we should be able to assist in the set up of an IVA or other suitable debt solution.