Are there different types of IVA?
An IVA can be arranged in a few different ways, depending on your situation.
Debt management - the basics
A debt management plan is an informal debt solution. It involves making reduced monthly payments, based on what you can afford, over a longer period of time than originally agreed. It may also be possible to reduce or freeze interest and other charges, which can prevent the debt from growing and can enable you to repay the debt in the shortest possible time.
Credit card balance transfers: a good idea?
There are a number of things you can do to manage your credit card debts, and a popular method is a `balance transfer`: transferring your existing credit card balance onto a new card.
The IVA process
If you decide to enter into an IVA, you will need to go through an application process. This begins with calling a debt adviser (or an Insolvency Practitioner - IP) to establish whether it is the right option for your circumstances.
Make your home energy-efficient and save money
In this day and age, most of us feel some kind of responsibility towards the environment, and part of that involves doing what we can to save energy.
IVAs and insolvency in 2010
Although there have been signs that the economy has started to recover, many people continue to struggle with debt - and it`s likely we`ll see high numbers of insolvencies this year, too.
How much debt do I need for a debt management plan?
There is no set lower or upper limit for the amount of debt needed to qualify for a debt management plan. Whether you are eligible for a debt management plan will depend primarily on your ability to meet your existing debt repayments, and on what you can afford to pay per month.
Can I delay my IVA payment?
If you have an unexpected bill or a change to your financial circumstances, you may be able to take a short payment break, as long as your IP and your lenders agree to this.
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