An IVA (individual voluntary arrangement) is an alternative to bankruptcy introduced by the government as part of the Insolvency Act 1986. This article provides an overview of IVAs and suggests what readers should watch out for when looking for IVA advice.
What Is An IVA
An IVA is an alternative to bankruptcy introduced by the Insolvency Act of 1986. It enables individuals facing serious debt problems to make a proposal to their creditors to reach a settlement. If the proposal is approved by a majority of the creditors, then the IVA acts as a contract that binds all parties and prevents any further action.
A standard IVA will offer to pay whatever the debtor can afford each month into a fund over a five year period, until the debt is cleared. With an IVA:
Interest on the loan is frozen
Legal proceedings are stopped
The overall debt is reduced
Why Is It Important To Get Good IVA Advice
When considering an IVA it's vital to get the best advice possible, and to work with an organisation that is both professional and independent. By getting unbiased advice you can be sure that you are making the right decisions and can be confident about the choices that you make.
Good IVA advice is also important because signing up to an IVA can involve a commitment of up to five years, so it's important that you understand what you're getting into.
What To Watch Out For When Looking For IVA Advice
There are some companies who may try to convince you to sign up to an IVA even if it's not appropriate for you. Furthermore, some organisations offer IVA services but because they don't specialise in them, they may not actually be the best people to take advice from.
What You Should Check For When Looking For IVA Advice
That the IVA advice you're being offered is impartial
IVA Advice should take into account the perspectives of both the debtor and the creditors.
IVA advice should be compliant with appropriate licensing and regulation
Advisors should have IVA and debt management experience
All IVA advice and supervision processes and systems should be defined and governed by experienced professionals.
Mike Curry runs a free IVA advice line called Clear Start, to help people facing serious debt to regain control of their financial situation. For further information please visit http://www.clearstart.org or telephone freephone 0800 138 5445.
Commercial and Residential Flagpoles A standard commercial flagpole is thirty to thirty-five feet tall. However, if you just want to make a statement on the front lawn of your home, you are going t...
When Is The Best Time TO Take Your Company Public? CEO's often call and ask me what the revenues and net profit should be before going public, they seem to think that there is a magic number that qualifies a pri...
Storytelling - The Great Motivator of People Storytelling - The Great Motivator of People In a data-driven world, facts and figures are the order of the day in sales calls, employee meetings, board rooms, ...
The Internet Offers a Tremendous Marketplace Many people think that the Internet offers a tremendous marketplace, while others will question the extra effort and money to purchase and design a website. Som...
A Critical Assessment of Euthanasia The question of whether, say, a man should have the right to take away his life granted pain and suffering have overcome him is a very important question today....
Easy Weight Loss A really easy, fast way to weight loss is walking a lot. If the other things you've tried haven't worked, or if the results aren't quite what you're looking for...
Staying Sane While Wall Street Crashes Everybody is riding the Wall Street Roller coaster. Even if you are not invested, the headlines scream out one word: PANIC! It's hard not to join in the panick...
The Power of Confidence My experience has taught me that people want to buy from sales people who are confident in their abilities. Taking control of the circumstances and situations a...
Acid Reflux and Your Diet There is an undeniable connection between the occurrence of acid reflux and diet. Everything in your body has a delicate balance. The human body is a miracle of...
Sales 101: Asking for the Order As professional salespoeple, we must always perform the next natural step in the progression of our wonderful sales presentation, after the objections have been...
South Dakota Real Estate – Step Away From The Rat Race From National Parks to a relaxed pace of life, South Dakota has a lot more going for it then you might think. With some of the cheapest prices in the land, Sout...
Insurance Claim - Medical Insights And Expenses There's nothing that has a greater impact on evaluating a personal injury insurance claim than the damage done to your body, the medical bills that are a direct...
Fall Pond Cleaning Doing a full pond cleaning during the colder winter months can be
very stressful on your fish. However, if the pond is really
dirty and full of 'muck' - then y...
Home Selling: Steps To Selling Your Home Home selling is one of the most difficult tasks that a homeowner will face. The bottom line is that you will want only the best for your home while others are ...
Are You Ready to Breed Your Yorkshire Terrier? The reported sales for Yorkshire Terriers is phenomenal. Over the past few years, the popularity of this breed as a family pet and as the dog to breed has seen ...
Print this page