Getting Iva Help To Deal With Serious Personal Debt
An IVA (Individual Voluntary Arrangement) is a form of debt management plan set up
by the government to try to eliminate personal debt and deal generally with the growing issue of personal insolvency. Our clients are licenced to give advice on the basis that IVAs are never one-size-fits-all solutions to any debt problem, as individual situations can vary so much.
The needs of one person can be very different from the needs of another person. Any IVA help given must thus take into account the unique nature of the situation people find themselves in.
A normal IVA will run for 60 months and after this completes all the debts are cleared from a person's credit history. During the time of the IVA none of the creditors are permitted to contact the debtor in any way. The IVA has all the benefits of bankruptcy and none of the drawbacks.
An IVA will write off the bulk of your debt at the start of the plan (although beware of the claims made in some circles: it is rarely more than 60 or 65 percent of total unsecured debt which can be 'written off'). Any good IVA help and advice of this sort will make sure you get optimum results with the lowest monthly repayment options together with the highest percentage of debt written off at the outset.
Please note that an IVA is quite different from a so-called debt consolidation loan which only serves to get people into more debt and also, of course, increase the number of creditors! Such a loan will make people feel happier for a couple of years until the noose tightens even worse than before, and the nightmare of debt will begin again. The only way to banish debt for good is to act now and apply for a long term sensible solution like an IVA.
So get some impartial and independent IVA help and advice which is right for your own personal situation.
by: Gordon Goodfellow
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