IVA - Individual Voluntary Arrangements
IVA
An IVA is a government backed scheme to help those suffering from severe debt problems and those undertaking an IVA can be secure in the knowledge that the IVA, and the Insolvency Practitioner qualified to undertake an IVA, is fully regulated.
An IVA is a formal and highly regulated debt management program.
An IVA is generally suited to individuals with unsecured debts in excess of £15,000 with disposable monthly income in excess of £150.00.
Please read on for a more detailed explanation of an IVA or complete our Debt Enquiry Form so we may assess your situation in the strictest confidence. You can also complete the Call Back form to the right and someone will contact you shortly.
If you have less that £15,000 unsecured credit debt or wish to make a full and final settlement of your debt, then a debt management plan may be more appropriate.
We will always advise you on the most appropriate solution to your needs and your information will be dealt with in the strictest confidence. If you are suffering debt problems it is important that you seek advice at the earliest possible opportunity. Please Contact Us Now so we may assist.
A detailed overview of an IVA (Individual Voluntary Arrangement).
An IVA is a debt solution available to UK individuals with unsecured debts over £15,000, struggling to meet their commitments and have the ability to make reasonable monthly contributions to creditors. Please Contact Us so that we may assist further.
The majority want to avoid bankruptcy as its effects are financially crippling not only for the period of the bankruptcy but far beyond in the terms of credit rating.
In most bankruptcy cases where there is a house with equity, that 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, adding a burden to your personal relationship.
In some cases bankruptcy may well be the best advice but the IVA which was introduced as an alternative to bankruptcy by The Insolvency Act 1986.
If you would like to explore how an IVA would benefit you please Contact Us Here or complete our short form to the right and we will call you back
What are the main points of an IVA, its benefits and why they 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 qualified to provide this service.
- An IVA is not advertised in any newspaper unlike a Bankruptcy Order.
- Great consideration is given to protecting the home when setting up an Individual Voluntary Arrangement.
- Fees are regulated in accordance with the Insolvency Act 1986, and are paid from the affordable monthly contributions as sanctioned by creditors.
- Your first consultation is free of charge and there are no up front fees required.
- Fees are set out in the proposal so that you know exactly who is being paid what, when and from where.
- A named Licensed Insolvency Practitioner acts as Supervisor throughout the term of the approved IVA.
- All unsecured creditors prior to the approval of the Individual Voluntary Arrangement, are bound by the Arrangement, once the Arrangement is approved.
- When the proposals are approved interest on credit card and accruing 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.
- When an IVA is approved by creditors you are fully protected from debt enforcement and bankruptcy as long as you do not breach the terms of the IVA.
- Only a Licensed Insolvency Practitioner (IP), belonging to a recognised professional body, can act as your Supervisor in an IVA.
- If your financial circumstances change beyond your control the Licensed Insolvency Practitioner will always be sympathetic and advise you on the appropriate course of action to assist you.
A few generally asked questions about an IVA.
Q. How do I set up an IVA?
A. Please Contact Us and we will assist you through the process.
Q. How long does an IVA last?
A. Generally five years, but this can change, again please Contact Us so that we can advise further.
Q. How much would I pay into an IVA?
A. This depends on your circumstances, amount of debt, income and essential expenditure. Monthly contributions are based on personal affordability.
Q. Who could an IVA help in solving debt problems?
A. Anyone with debts over £15,000 and an income to sustain suitable repayments. Individuals who should definitely consider an IVA as an alternative to bankruptcy are Company Directors, Armed forces personnel, Army, Navy and Royal Air force as these people would be unable to continue their careers should they be made bankrupt.
Any UK individual with unsecured debts over £15,000 and struggling to meet their commitments would be advised to consider an IVA. Please Contact Us so that we may assist further.
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IVA, IVA's - Individual Voluntary Arrangements - A simple overview:
Individual voluntary arrangements - IVA, a solution to debt problems.
An individual voluntary arrangement can reduce your monthly outgoings and stop interest on unsecured debts governed by the arrangement.
Any outstanding debt not paid off during the term of the individual voluntary arrangement is legally written off. An individual voluntary arrangement usually runs for 5 years at which time the individual could be debt free.
An individual voluntary arrangement is highly regulated by the Insolvency Act 1986, and supervised by a Licensed Insolvency Practitioner which leaves it less open to abuse than other debt solutions such as debt management.
X-debt are providers of IVA and debt solutions throughout the UK.
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