IVA Advice - Answering Service Resources | Specialty Answering Service

Home
>
Debt Relief
>
IVA Advice

IVA Advice

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.

In The News:

ABC News
Congress Sends Housing Relief Bill to Bush
New York Times, United States - 5 hours ago
To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion and the ...
Video: House Bails Out Lenders CBS
S&P Spares GSE Gov’t Debt; ICE Fears Chill; Lance Crumbles Barron's Blogs
Treasury plan to rescue mortgage lenders Telegraph.co.uk
MinnPost.com - Press-Enterpriseall 4,988 news articles

Consumer Debt Law Services, Inc. Launches Credit Card Debt Relief ...
PR Web (press release), WA - Jul 24, 2008
Consumers in substantial credit card debt now have professional debt relief attorneys to turn to in order to reduce and resolve unmanageable credit card ...

WHDH-TV
Provisions of housing-mortgage relief bill
guardian.co.uk, UK - 8 hours ago
... $300 billion in new lending authority and relax standards to provide affordable, fixed-rate mortgages to an estimated 400000 debt-ridden homeowners. ...
Congress Passes Housing Bill Wall Street Journal
all 376 news articles

Guaranteed Tax Relief—Get Out of Tax Debt Now—Guaranteed!
24-7PressRelease.com (press release) - 17 hours ago
Guaranteed Tax Relief has successfully helped thousands of business and individuals resolve their debt with the IRS and state. ...

NDTV.com
Debt relief Waiving, not drowning
Economist, UK - Jul 3, 2008
In Sikandrabad one farmer could not quite believe that the pink slip he had been given released him from 25000 rupees of debt. But others did not get the ...
Union Bank completes farm-loan waiver, relief programme Hindu Business Line
Banks in JK identify 34000 beneficiaries for debt relief GreaterKashmir.com (press release)
Himachal government urges to Centre to look into debt relief ... myHimachal
Business Standard - NDTV.comall 81 news articles

$48 Billion To Fight AIDS? Compassionate Conservatism At Its Worst
Liberty Maven, VA - 6 hours ago
The current Bush AIDS relief plan expires at the end of September. That was a Bush backed plan to send $15 Billion overseas (mostly Africa) to combat the ...

Senate passes foreclosure relief bill
PRESS TV, Iran - 2 hours ago
In addition they must be spending over 30 percent of their net monthly income on mortgage debt to make them eligible for the program. ...

Debt relief scheme benefits farmers
The Statesman, India - Jul 10, 2008
... informed district collector Mr Pramod Chandra Patnaik, while attending a meeting on ‘Agriculture Debt Waiver and Debt Relief Scheme-2008’, here today. ...

Wall Street Journal Blogs
S&P downgrades debt of American Airlines, United and Northwest ...
International Herald Tribune, France - Jul 25, 2008
But he is more concerned about later next year because some of that cash is likely to be gone, and because the relief on lending covenants won by American, ...
AMR, UAL, Delta Provide Investors `Relief' on Cash (Update2) Bloomberg
Sector Snap: Airlines shares rise Forbes
all 101 news articles

How To Make Sure Your Debt Relief Plan Stays On Track
istockAnalyst.com, OR - Jul 19, 2008
All these things, however, pale in comparison with the importance of sticking to and staying focused on your debt relief plan. It can be very difficult for ...

debt relief - Google News

Answering Service ResourceAnswering Service Resource