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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:
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
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.
Debt Releif - Google News
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If you're reading this article right now I'm sure that you are looking for a debt elimination system that will help you get out from under you personal mountain of debt. Hopefully you're not looking for the magic pill that will suddenly dissolve your debt problem.
Establish Money Saving Goals For Added Success
Having something tangible to strive towards can work wonders for your money-saving efforts. To those of you that have already been actively implementing money-saving tips in order to lower your monthly bills, for added inspiration, establish a meaningful goal along with a specific dollar amount.
Free Quick and Easy Money Saving Tips - Part 2
Although many consumers would argue differently saving money doesn't have to be difficult. In fact by making just a few changes in your normal lifestyle you can find ways to free up extra cash that can be put to better use in a savings account or an investment account.
Reduce Your Debt
Do you want to reduce your debt? Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?You're not alone. Many people face a financial crisis some time in their lives.
Debt Settlement : What You Need To Know
Debt Settlement companies work with your creditors to help you reduce your unsecured debts though arbitration and negations. The important thing to realize about Debt Settlement is that it is a different type of program than Consumer Credit Counseling or Debt Reduction.
Repair Bad Credit Yourself
In March 2005, the U.S.
Personal Bankruptcy - If Its Unavoidable, File Now
The Bankruptcy Abuse and Consumer Protection Act, signed into law by President Bush last April, promises changes to Federal bankruptcy law that have been long sought by the lending industry. The bill promises sweeping changes to Federal law, and will make it much harder for the average consumer in financial trouble to have their debts wiped out by filing for bankruptcy.
4 Simple Ways to Solve Your Debt Burden
Getting BehindGetting behind on your debts owed can be a very frustrating and trying time for you and your family. Depending on how far behind you are, there are other repercussions, such as your credit rating, that will affect you further down the road.
5 Options Toward Debt Relief
If you are in debt, well over your head in debt that is, there are options to help you overcome this situation. Let's examine five possible responses and uncover which ones lead to true debt relief.
Is My Credit Card Debt A Problem?
For most Americans, credit card debt is a dangerous and growing problem. The average American family has more than $8000.
Your Ticket Out of Debt Relief
If you are in debt over your head and wondering if you will ever find a way out, the answer is yes! Serious financial problems can make life miserable and cause a great deal of stress and worry. Many people have found themselves in the situation of avoiding calls from creditors and wondering how they will ever get out of debt.
Bankruptcy: What the New Law Means to You
On April 20 of this year, President Bush signed a bankruptcy reform law. When this law goes into effect in October of this year, it will be much more difficult for Americans to use Chapter 7 bankruptcy to get a fresh start on their financial lives.
Eight Ways to Consolidate Debt
Next to winning the lottery, a debt consolidation loan is a debtor's dream. With one monthly payment and a fixed monthly payment schedule, you can actually see an end to those monthly payments.
Debt Free and Carefree
Are you still clearing a mountain of debt amassed last Christmas or even during last year's summer holiday?For those of you who make financial plans, who budget and save, you can skip this article. For those who get a little carried away, who regularly spend more than they can afford, this article is for you.
Five Major Ways to Save Money
There are two main roads to improving your personal finances: increasing income, and cutting costs.Increasing income is the harder road to travel.
Credit Card Debt: How to Get Rid of It
This method is simple, but requires some discipline.First, you have to stop any new spending on your cards.
Bankruptcy As An Option
If your financial worries are preventing you from sleeping at night, then you may have considered bankruptcy in hope of a little relief. Usually, consumers only turn to bankruptcy if there is no other hope for them to get out of debt.
Should You Invest In Savings Or Payoff Your Debts?
I have faced this financial question 8 years ago and recently I have friends asked me this same question. I think I should write it up so that it may help some of you that having the same situation.
What is Debt Settlement?
Debt settlement is the process of negotiating with your creditors so that you are able to pay off a certain percentage of the debt amount that you owe. A debt settlement company will use different types of strategies to negotiate with your creditors so that you get the best outcome.
Slowing Spending - The Key To Your Debt Plans Success
Anyone who embarks on a debt reduction program should know the rules for success. There aretwo.
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