An IVA is a form
of debt relief plan set up by the government to provide a solution to
the problem of personal debt and to deal generally with the growing
issue of individual insolvency. A debt cutting IVA is considered
to be the most assertive form of debt management programme because of
its ability to legally write off off a huge amount of the debt at the
start of its term.
The needs of one
household or one individual can be vastly different from the needs of
another person or household. Any debt cutting IVA advice given must
take into account the diverse nature of the situation in which people
Normally an IVA
will be set to run for sixty months and after this has completed all
the debt is discharged from a person's credit history.
A debt cutting IVA
will write off the bulk of a person's debt at the start of the programme
(although be wary of the claims made in some circles: it is rarely much
more than 60 or 65 per cent of total unsecured debt which may be 'written
off' in this way). All good IVA advice of this nature will make sure
you get the best results with the lowest monthly repayments together
with the greatest percentage of debt write-off.
So fill in the form
for impartial and independent advice 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.
Our economy is a
very complex entity. Economists and scientists of many types try to
understand how the whole thing works daily. It has been compared to
a vast computer. Arguably economic practice impinges upon social and
political imperatives and such things are mainly governed by the society
that we live in. Our community at the moment is calibrated towards successful
endeavours and that generally means exposure to risk. For as long as
we have this aspect of risk we also have to live with the terrible prospect
of debt, individual and corporate. Use of a debt cutting IVA is designed
to alleviate this risk somewhat.
A great advantage
of an agreement of this sort is that it may instantly diminish the debt
by a fair percentage. This huge cut in debt burden makes a substantial
difference and is the chief thing which differentiates this from an
otherwise normal management plan. Therefore people looking for debt
relief would be best advised to apply for this rather than a standard
debt relief programme.
Most types of debt
cutting IVA will normally be made to last over a period of sixty months,
but all too often this will vary according to circumstances. At the
end of this period the debt is considered to have been paid off in full.
Any debt records registered corresponding to the client's name must
be struck from the credit records.
A number of disciplines
have emerged relating to insolvency, including the legal sector and
newer professions including consultants. All such experts have their
own strengths and weaknesses. Each one will have their own area of expertise
which you should use to your best advantage. Making usage of a debt
cutting IVA should ensure your recovery is much easier.
In order to qualify
for a debt cutting IVA the applicant must be able to demonstrate earnings
in excess of a threshold amount and have arrears with a total value
of more than a certain sum and not more than a specified maxima, and
such figures may alter from one insolvency practitioner to another.
Usually the income must exceed the repayments after the required bills
have been paid including the mortgage and utility bills. The usual minimum
amount of debt is about £2,000 though this can vary. A ceiling of £50,000
is sometimes stated, although by going through a third party the client
will be steered towards the best service to look after their individual
try to help people who suffer from debt. There are recognised schemes
like The various voluntary arrangements to take care of the procedures
of both corporate and personal insolvency and to try and palliate what
is recognised as a difficult procedure, and a debt cutting IVA can be
part of this. The aim is intended to be toward protecting assets wherever
possible and also in safeguarding the property of petitioners using
legal measures. This applies to both private property as much as the
assets of businesses.
a look at the Insolvency Service's leaflet called 'In Debt', downloadable
website is property of Debt Cutting IVA. Copyright 2002 -Thereafter.
All rights reserved.