How the IVA got so popular and famous
The IVA has been popularised by TV, radio and newspaper advertising...
We receive a lot of calls and emails from the public asking; "How the IVA got so popular and famous”
An Individual Voluntary Arrangement - IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled. The IVA, as a method of solving debt problems has become more and more popular over recent years due to increased media coverage.
Due to its formal nature, an Individual Voluntary Arrangement - IVA has to be set up by a licensed professional
The advice team at Money Advice Direct feel that the IVA process has become so popular and famous to the increase of IVA companies being set up to take advantage of the UK’s debt crisis.
The IVA has got so popular and famous due to the increase of TV, radio and newspaper advertising. The adverts are aimed at people with debts of £15,000 or more or unsecured debt. The IVA has got so popular and famous because they have made the public know about government legislation that was not well published outside of professional circles.
The IVA companies have made the IVA popular and famous because the IVA firms have publicised the fact that an IVA can write off up to 75% of unsecured debts. This fact is very appealing to those in debt. The IVA, before it became so popular was set by directors of limited companies and high profile businessmen who would have been put out of business by bankruptcy. Although an IVA is still a very serious business and shouldn't be entered into without full consideration of the effects, this avoidance of bankruptcy is what has made it so popular among those suffering under severe debt problems.
The IVA has become popular famous because of the rapid expansion of the IVA business. The market for IVAs has matured. By the end of this year the IVA unit at Money Advice Direct expects the IVA figures to rise to around 50,000 IVAs a year and plateau.
Money Advice Direct’s opinion on why the IVA has become so popular and famous. Money Advice Direct has been concerned about the rise of the amount of IVAs for some time.
The IVA unit is concerned about three areas:-
- IVA marketing making an IVA seem like magic wand
- The quality of IVA advice from commission led salesmen
- The actual costs of an IVA being overlooked.
Money Advice Direct is worried that people are pushed to take out an IVA when maybe a alternative debt arrangement would be more suitable. Money Advice Direct have a 'best advice' policy and never promote the IVA as the best way to deal with debts and our and that is why the service is so popular.
If you wish to discuss the Individual Voluntary Arrangement (IVA) procedure and understand how it can help you please complete the following form or telephone freephone 0800 074 6918.
IVA Guide
- What does it mean if my IVA is not approved?
- What are my options if my IVA is not approved?
- My IVA has been approved, what do I do next?
- My IVA has been approved subject to modification – what does this mean?
- How do I make my IVA contributions?
- My IVA proposal included the provision that I had to sell/realise other assets – what do I need to do?
- I am receiving letters and emails from companies offering me a better solution than an IVA - what are these solutions?
- What do I do if my monthly IVA contribution will be late?
- How do I deal with my creditors once I’m in an IVA?
- How do I deal with additional creditors now that the IVA has been approved?
- What happens if I miss an IVA payment?
- The bank has not transferred my IVA payment - what do I do?
- What happens if I do not inform my IVA supervisor that I can’t make the contribution?
- I'm struggling to make the monthly IVA payment what should I do?
- I've received a 'Notice of Breach' from my IVA supervisor - what does this mean?
- What happens if I’ve missed IVA payments or received a notice of breach and there is no solution?
- Is it possible to finish or settle my IVA early?
- How do I settle my IVA early?
- What is the process involved when offering an early IVA settlement?
- Why would I vary the terms of my IVA?
- What does the IVA variation process involve?
- What happens when the IVA variation process has been approved by creditors?
- What happens when the IVA variation process has been rejected by creditors?
- How does an IVA end?
- Will I receive any correspondence when my IVA has completed?
- If one of my debts has been excluded from the IVA, am I liable to pay the debt after the IVA has completed?
- When does a creditor debt claim have to be received by when completing an IVA?
- What happens if any additional debt claims is received during the IVA closure process?
- How do my creditors get their money in an IVA and what are the IVA dividends?
- Does the money in my IVA account earn interest and if so where does that interest go to?
- Do I get a report or certificate stating the IVA has been completed?
- How does an IVA fail?
- What is the effect of IVA failure or an IVA failing?
- What happens after an IVA fails?
- What are the costs of an IVA?
- Who pays for my IVA?
- What is the IVA process?
- Who takes care of my creditors?
- Will an IVA make me debt free?
- How an IVA benefits my creditors
- Lifestyle changes during an IVA
- Advice on living with an IVA
- Will creditors contact me?
- Will I my IVA fail?
- Completing an IVA
- Getting credit after an IVA
- Can an IVA make me debt free?
- How to boost my credit rating after an IVA?
- IVA vs debt management
- IVA vs bankruptcy
- IVA vs debt consolidation
- IVA vs administration orders
- IVA pros and cons
- IVA definition
- What is an IVA?
- Why choose an IVA?
- Who is suitable for an IVA?
- IVA benefits
- IVA stages
- False IVA adverts
- IVA compared to Bankruptcy
- IVA compared to debt management
- IVA compared to debt consolidation
- IVA compared to administration orders
- How the IVA got so popular and famous
- Things you should know and do before you start an IVA
- Will an IVA make creditor phone calls stop?
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...]