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. However,
you should have at least two debt accounts (i.e. credit card or loan,
etc.) and total unsecured debt of at least £2,000.
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.
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.
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.
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
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. 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
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
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.
iva test advice
iva test application
iva test faqs
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a look at the Insolvency Service's leaflet called 'In Debt', downloadable
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