IVA Help
Please note that Money Advice Direct Debt Advice Service is not a Government service and is in no way connected the Government of the UK. Please beware of organisations masquerading that they have official government status.
Please watch out for statements by debt management firms such as:
'Government backed UK debt help and advice'
'Take advantage of government legislation'
'Government backed scheme'
'Write off debt with a little known government legislation'
These statements breach of OFT debt management guidance because they mislead by implication or omission as they:
• Imply that the business has official government status
• Imply that the business is in some way connected to the government
The IVA was introduced to help people in debt
The Government are always striving to help avoid people going bankrupt. The government introduced the IVA procedure in 1986 and since then have been regularly looking at the ways to simplify the IVA rules of entering into an the IVA procedure.
Why use an Individual Voluntary Arrangement (IVA)?
- A legally binding way to reduce the amount that you pay back subject to the agreement of 75% (in value) of your creditors.
- A way to stop any further interest charges subject to the agreement of 75% (in value) of your creditors.
- A way to reduce your monthly repayments on your unmanageable debts subject to the agreement of 75% (in value) of your creditors.
- This means budgeting each month will become easier.
- Although the consumer may become debt free (subject to terms and conditions) at the end of the IVA period, the effect on consumer's credit rating is likely to remain on file for 6 years.
- With an IVA (in the fourth year) the supervisor may require the debtor, if they are a homeowner, to revalue their home and realise the equity to pay off some or all of the debt.
- Please note that only unsecured debts included within the IVA may be written off at the end of the period and that those not included such as secured debts, Government fines and child support payments will remain.
Debt is a common occurrence. The amount of people have differs greatly. Some people leave education in debt and other build debt up over many years using store cards, credit cards or personal loans. This section of the site explains what Government help is on offer and will introduce the IVA and other bankruptcy avoidance methods available through government legislation and advice sector.
What help does the IVA offer?
The IVA procedure is a method introduced by the government for indebted individuals to resolve their debt issues..
The Government and the credit industry is constantly looking at methods to improve the IVA process more simple and promoting this debt option more to consumers since it is such an effective tool to use to get out of debt. If you have debts that you cannot afford or are facing bankruptcy, an IVA can relieve you; using Government legislation, you can have up to 60-70% of your debt written off. Keep in mind that IVAs are meant to be an alternative to bankruptcy, an IVA can certainly get you out of debt, but they also have downsides, such as not being able to get credit for a number of years. The Government is hoping to reduce the number of consumers in debt by making the process of an IVA easier.
Before deciding on a IVA, be sure to consider all other possible options, seek professional IVA advice if possible by calling 0800 074 6918
What IVA help can I get ?
An IVA is a government introduced scheme where a debtor can come to a formal agreement to make one monthly affordable repayment to all his or her creditors. IVA programmes, with the help of The UK Insolvency Helpline help debtors reach an understanding with everyone that you owe money to and can help you avoid personal bankruptcy.
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health.
An IVA is a government introduced procedure to help people in serious debt solve their debt problems. For more information about the IVA procedure introduced by government in 1986 and other government debt help and advice schemes please call 0800 074 6918.
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]