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Free IVA Advice Alternatives to Bankruptcy Free IVA Advice and Information


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"The Credit Crunch" is a term is being mentioned and heard more frequently in the “UK Media", while Britton spirals into the largest consumer held debt in Europe, solutions are being devised to tackle the problem

The “individual voluntary arrangement" seems to be the solution that everyone is talking about though it is nothing new, in fact it has been around since the mid 80's it was just never that popular.

More and more people are taking out IVA's and according to the latest statistics, 1 in 5 people in the UK qualify to be in one (scary thought) an IVA is designed to be less restricting, and easier to recover from than bankruptcy, it allows you to reduce your debts and give you a change to pay off what you can afford so that you don't have go though some of the more unpleasant aspects of bankruptcy.

An IVA is revised and accepted by an insolvency practitioner, there are only just over 2000 licensed IP's in the UK as acquiring a license has very strict criteria and guidelines, they have to be both qualified lawyers and accountants. These are the people that will review someone's case and determine whether they qualify for an IVA.

They have to take frequent exams, and are audited by the insolvency service, which is a government body any discrepancies will result in them loosing this license. So you can be sure that your case if you enter an IVA will be dealt with in a highly structured and professional manner

What is an IVA and who regulates them?

IVA's (individual voluntary arrangements) were introduced by the Insolvency Act 1986 as an alternative to bankruptcy. They were designed to help eliminate debt that the consumer can't afford and remove some of the negative effects of bankruptcy; this is regulated by the insolvency service

What can you do in an IVA that you cannot do during bankruptcy?

  • You don't have to resign if you a director of a company
  • You don't have to sell your home
  • You can keep you assets
  • You financial situation is not published in the paper like in bankruptcy
  • And many more
  • In order to qualify for free iva advice you have to meet the following criteria
  • Have £15,000 worth of unsecured debt
  • you need to owe money to 3 or more different creditors
  • Employed or have a sufficient alternative income
  • Be a resident of England, Wales or Northern Ireland

Once you're in an IVA the following things will happen

  • Interest on the loan is frozen
  • Legal proceedings are stopped
  • The overall debt is reduced

An IVA may be the right solution for you but you should do your research or seek professional advice before making a decision for people that are struggling with debt that don't fit the criteria sometimes the best the option could be a debt management plan.

A debt management plan is basically an agreement between you and a company to allow them to manage your debts and deal with your creditors on your behalf, during their negotiations they may even be able to freeze interest and a negotiate a longer re-payment plan to help fit your repayments into your disposable income.

In order to do this they will require you to sign a letter of authority that will give them the legal right to be able to deal with these companies on your behalf in most cases they advise not speaking directly to your creditors as this can affect the negotiation process and may result in higher amounts being paid each month.

If you would like free iva advice or advice on a debt management plan then you can speak to one of our advisers at Money Dent & Credit Group PLC, simply go to the following website and fill in your details so that our advisers can asses you situation before contacting you, you are under no obligation to make any decisions and it is entirely up to you if you wish to proceed with any plan offered, we aim to give you the best free IVA advice possible to help you make an informed decision

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