An IVA is a debt
management plan set up by government to try to eliminate personal debt
and deal generally with the issue of personal insolvency. Our clients
are licenced to give advice on the understanding of the fact that IVAs
are never one-size-fits-all fixes to any debt problem, as individual
circumstances can vary so much.
Not everybody is
eligible for an IVA, so we have an IVA test below to see if you qualify.
Just fill in the online application form for a free quote.
The needs of one
person can be very different from the needs of another person or household.
Any advice given as a result of your IVA test must reflect the distinctiveness
of the situation in which people live.
Normally an IVA
will run for sixty months and when the term is over all debt is discharged
from a person's credit profile. During the time of the IVA no banks
are permitted to contact the debtor. The IVA has the advantages of bankruptcy
and none of the disadvantages.
An instrument such
as this will write off most of a person's debt at the beginning of the
programme (although be wary of the exaggerated claims made in some advertising:
it is seldom more than 60 or 65% of total unsecured debt which can be
cancelled). All good IVA advice of this sort will make sure you get
optimum results with the lowest repayments together with the highest
proportion of debt written off at the outset.
So complete the
IVA test application form below for impartial and independent
advice which is right for your own circumstances.
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IVA Test
An IVA will generally
be framed by a qualified specialist insolvency practitioner and will
be drafted specifically to match the specific requirements. There is
no average method to this because each situation is different to the
one before, while some situations are vastly different. The insolvency
practitioner will prepare the best proposal in accordance with the client's
own particular situation and set up a programme of repayments which
is typically 60 months, although in some situations this may be made
to differ.
Not everyone will
qualify for an IVA. There are thresholds of income and the number of
creditors, and also the ratio of debt to available monthly surplus.
Some people talk of this barrier to qualification as a kind of IVA test.
Because each plan differs from case to case it is not possible to give
a hard and fast definition of who will qualify for an IVA and who will
not. The best thing is to just apply and see what happens. By using
our whole-of-market service we can guarantee the best deal for your
own particular circumstances.
A great benefit
of an arrangement of this sort is that it may instantly reduce your
debt by a fair percentage. Usually this is as high as 60%, often more
than that. This great cut in the amount of debt makes a substantial
difference and is the main thing which differentiates this from a conventional
management plan. So anyone looking for such a programme should apply
for this rather than a standard debt relief program.
A number of disciplines
have developed related to the area of insolvent cases, and these encompass
the law as well as newer professions including such diverse types as
IP consultants. Such experts have their part to play. Each one will
have their own area of knowledge and expertise which you should benefit
from as appropriate. Making using a IVA test should ensure that the
turnaround from insolvency is much more quick.
An IVA test is
a useful legal measure and most people would jump at the chance of getting
one because it is sanctioned by law and discharges the client from the
entirety of his or her debt at the end of the term. This is a more gentle
response to long-term debt than other more draconian instruments like
bankruptcy and it carries none of bankruptcy's stigma.
Most kinds of IVA
will be drafted to last for sixty months, although all too often this
will vary in each case. When this completes the debt is said to have
been paid off and the client cleared of all debt records. All debt records
registered corresponding to the applicant's name and address must be
struck from the records accordingly.
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