Is an IVA a government-backed debt solution?
An IVA is a contractual arrangement with your unsecured lenders in which you`ll pay as much as you can towards your debts for an agreed period of time, after which your remaining unsecured debt will be written off.
Can I take a break from my IVA?
An IVA (Individual Voluntary Arrangement) is designed to last long enough for your lenders to get back a reasonable proportion of what they are owed, while giving you a definite date for clearing your debts.
What are the IVA guidelines?
When your debts have become so unmanageable that you can`t see yourself ever repaying them within a reasonable period of time, one option for clearing your debts is an IVA (Individual Voluntary Arrangement).
A recession of surprises
The 2008-2009 recession wasn`t the first - and it won`t, unfortunately, be the last. A lot of bad things have happened, from rising unemployment to record levels of personal insolvency, but it hasn`t been all bad news.
What do the latest insolvency stats tell us about IVAs?
The latest insolvency statistics, compiled by the Insolvency Service, showed the highest levels of insolvency on record. There were 35,574 individual insolvencies in England and Wales in the final quarter of 2009, as borrowers continued to struggle with high levels of debt in the difficult economic climate.
Which debt should I pay off first?
When you have multiple debts that you need to repay, deciding exactly how to go about it can be difficult. The right way to do it depends on your circumstances.
Will I pay less interest with a debt consolidation loan?
If you`re looking for a way of reducing your monthly outgoings and/or simplifying your finances, a debt consolidation loan could be for you. It`s a new loan taken out to pay off multiple existing debts - effectively meaning all your debts are combined into one.
How do I make payments to my debt management plan?
If you arrange your debt management plan through a debt management company, you will make single monthly payments to the company, who will distribute the agreed amounts to each of your lenders.
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