Maintain your old Siemens Hipath system

IVA: Individual Voluntary Arrangement

What Is an IVA

The IVA (Individual Voluntary Arrangement) was introduced by The Insolvency Act of 1986 as an alternative to bankruptcy which benefits both the debtor and the creditor. An IVA enables people facing financial difficulties to come to a formal agreement with their creditors rather than having to face bankruptcy.

The IVA represents an exciting new opportunity to those facing serious debt to both avoid bankruptcy and to make a fresh start. In this article, we'll answer the most frequently asked questions about the IVA.

What Are the Advantages of an IVA

  • With an IVA you only pay back an agreed percentage of your debts
  • While an IVA is in place, it is illegal for your creditors to harass you
  • With an IVA, interest on your loan is frozen which means that your debt won't keep growing
  • An IVA doesn't affect your professional status or ability to hold public office like bankruptcy does

What Are the Disadvantages of an IVA

  • If you don't stick to the terms of your IVA then the insolvency practitioner or your creditors can make you bankrupt.
  • If your circumstances alter which means you can no longer afford the payments, your IVA may end if the insolvency practitioner is unable to convince your creditors to accept a new agreement.

How Do I Set Up an IVA

  • With the help of an insolvency practitioner, you outline a debt repayment proposal which clearly demonstrates how it benefits your creditors and which shows what funds and assets are available for them.
  • Then you apply to the court for an interim order. If this order is granted then the creditor cannot petition for bankruptcy.
  • The creditors then meet to decide whether or not to accept your proposals.
  • If the creditors approve your proposals, they are binding on everyone who had notice of the meeting. If this happens, the insolvency practitioner takes charge of the assets which are administered for the creditors in line with the proposals.

    Recommended IVA Body:

    Clear Start is an independent free IVA helpline offering IVA help and advice to anyone in the UK.

    To contact an IVA adviser click here: IVA ADVICE or telephone freephone 0800 138 5445.

    Who Might Benefit From an IVA

    An IVA can help anyone experiencing debt problems- particularly those who own property which they would risk losing if they were to be made bankrupt.

    An IVA might be a good idea for you if you if:

    • You owe money to people or companies that wouldn't agree to an informal debt management arrangement
    • You've already tried an informal arrangement, but it's failed.

      Can I Get an IVA After I've Been Made Bankrupt

      The Enterprise Act of 2004 introduced new rules on how to get an IVA after you are made bankrupt.

      This involves applying for what's called a Fast Track IVA by presenting a proposal to the Official Receiver.

      If The Official Receiver thinks that your creditors would do better to accept an IVA rather make you bankrupt, he/she might agree to act as supervisor of the IVA. If the IVA is agreed by your creditors, your bankruptcy order will be annulled by the Official Receiver.

      Where Will My IVA Details Be Stored

      The record of your IVA is kept on a public register and anyone can search to see if someone has an IVA. Records of your IVA are also held credit reference agency files for up to six years.

      Details of your IVA will stay on the public register until it is completed. You can search the register by using the contact details below.

      The Individual Insolvency Register
      The Insolvency Service
      5th Floor, West Wing
      45-46 Stephenson Street
      Birmingham
      B2 4UP
      Tel: 0121 698 4000
      Fax: 0121 698 4406

      Mike Curry runs a free IVA and consumer debt helpline offering impartial advice to those suffering from serious debt.

      In The News:

      Several injured in bomb blast in Canada restaurant
      Fri, 25 May 2018 06:12:00 +0100
      Three people are critically injured after two suspects detonated a bomb in a restaurant in Ontario, Canadian police say.

      Trump cancels summit with 'hostile' Kim Jong Un
      Thu, 24 May 2018 18:44:00 +0100
      Donald Trump has cancelled the planned summit with Kim Jong Un "based on the tremendous anger and open hostility" in North Korea's latest statement.

      'Spectacular' blasts on N Korea 'nuclear test site'
      Thu, 24 May 2018 12:16:00 +0100
      Sky News has witnessed the demolition and closure of what North Korea says is its nuclear weapons test site in Punggye-ri.

      Rotten teeth pics on drinks could cut obesity
      Fri, 25 May 2018 01:46:00 +0100
      Graphic images on sugary drinks bottles, similar to those found on cigarette packets, could help fight obesity, according to a new study.

      Morgan Freeman sorry after harassment allegations
      Thu, 24 May 2018 16:12:00 +0100
      Hollywood actor Morgan Freeman has apologised to a group of women who have made allegations against him, saying it was never his intention to make anyone feel uneasy.



  • tikatoshop.it

    Erfahrungen mit Pallhuber Wein
    Agen Bola SBOBET Terpercaya

    Travel in comfort and at your leisure with CT Airlink Limousine & Car Service for top quality private transportation and exceptional customer service. We operate Sedans, SUVs & Vans for CT Car Services to covering all Connecticut airports including Car Service from CT to Newark Airport , Mohegan Casino Uncasville CT, Foxwoods Casino Mashantucket CT, Manhattan Cruise Terminal NYC, Brooklyn Cruise Terminal NYC and Bayonne Cruise Terminal NJ. CT Airlink hire licensed and friendly chauffeurs who have in-depth knowledge of the Areas.

    Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping Debt

    Reducing debt usually isn't a high priority for people until... Read More

    Bankruptcy, Is It A Way Out

    Negotiations with creditors have failed. Repossession is imminent and foreclosure... Read More

    Solutions to Single Mothers in Debt

    As a single mother, lets admit it, times get tough.... Read More

    Fast Track Out of Debt

    You go to the mail box and scan - a... Read More

    Student Loans Can?t Be Swept Away Through Bankruptcy

    Bankruptcy is in the news these days, as Congress has... Read More

    Bankruptcy: What You Need to Know

    Personal bankruptcy is a legal way to give people with... Read More

    Creating A Realistic Budget

    Budgeting -- ooh, what a scary word! If you want... Read More

    Bad Credit Home Loan To Get You Out Of Debt

    A "bad credit home loan" can help you climb your... Read More

    Debt Help and Advice for the UK

    At some time or another during our lives most of... Read More

    Bankruptcy - Is It The Right Choice For You?

    Bankruptcy is one of the tougher choices we as adults... Read More

    Two Ways To Debt Relief

    There are many debt relief programs out there both off... Read More

    Start Small and Your Wealth Will Get Bigger

    We've all heard the phrase, "You have to start somewhere."... Read More

    Worried About Debts?

    Having trouble paying your bills? Getting dunning notices from creditors?... Read More

    The Debt Free Lifestyle

    Many people have been taught that you cannot get ahead... Read More

    How to Reduce Your Debt in 5 Easy Steps

    If you have incurred substantial personal debt, consider these options:... Read More

    Learn The 15 Debt Elimination Steps You Must Take Immediately!

    What Everybody Needs To Know...Learn The Truth About Debt Elimination... Read More

    Think for a Change

    I'm not sure where it originated, but I've heard it... Read More

    The 7 Secrets to Getting?and Staying?Out of Debt

    As vice president of the American Credit Foundation, a nonprofit... Read More

    Credit Card Debt Freedom is Possible

    Credit card debt have you drowning financially? You're not alone.... Read More

    What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

    We have all experienced getting so far in debt we... Read More

    Free Quick and Easy Money Saving Tips ? Part 1

    With the high cost of gasoline and the amount of... Read More

    Use A Debt Checklist To Examine Where You Are

    A Debt Checklist allows you to look at items and... Read More

    5 Ways to Get Out of Debt

    It has been said that everyday more and more people... Read More

    New Bankruptcy Law ? Five Essential Things to Know

    Last April, Congress passed the Bankruptcy Abuse and Consumer Protection... Read More

    Debt is The Master of Souls

    Wholeness requires separation. In order for you to experience yourself... Read More