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Debt Consolidation Programme
Debt Consolidation Programme: The Best Way Out of your Debt (Without More Debt!)
Apply For The Best IVA or Debt Relief Plan For Your Own Circumstances
Independent Advice. No Bankruptcy. No loss of Dignity.
An IVA is a type of debt consolidation programme set up to provide a solution to the problem of personal debt and to deal generally with the issue of individual insolvency. IVAs are never designed to be one-size-fits-all cures to any debt problem, because individual circumstances can vary so much.
The needs of one household or one individual can be very different from the needs of the next. Any debt consolidation programme advice given must reflect the diverse nature of the situation people find themselves in.
Normally an IVA will be set to run for 60 months (sometimes less) and when this has finished all debt is cleared from the credit history. During this time none of the banks or debt collectors are permitted to pursue or harass the debtor in any way. The IVA has all the advantages of bankruptcy and none of the drawbacks.
An IVA writes off the larger part of a person's debt at the beginning of the plan (although be wary of the exaggerated claims made in some circles: it is rarely more than 60 or 65 percent of total unsecured debt which can be 'written off' in this way). All good IVA advice of this sort will make sure that you get the optimum results with the lowest repayments together with the highest percentage of debt write-off. This 'write-off' effect is not a feature of any other type of debt consolidation programme.
Most people say that IVAs are the best type of debt consolidation programme because of their advantages over all the other types. But not everyone is qualified to get an IVA. So fill in the form below for independent and impartial advice for your own situation.
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Debt Consolidation Programme
Creditors are not permitted to get in touch with the client once the debt consolidation programme has been started. The creditors may not chase the debt in any way whatsoever, and if they do they will be breaching the law for which there are penalties, which may include a fine or possibly loss of their licence to trade if they are a debt collecting company. The applicant always has this guarantee against the telephone calls and other intrusive means that these companies use in order to intimidate and harass their prey.
In order to be eligible for a debt consolidation programme the applicant has to be able to show a nett income in excess of a certain minimum and have arrears of more than a certain sum and not greater than a specified maxima, and these figures may change from one insolvency practitioner to another. Usually earnings should be proved to cover the cost of the repayments after other necessary bills have been paid such as mortgage payments and electricity and gas, etc. The average minimum debt is around £2,000 although this figure can vary. A top value of £50,000 is sometimes given, though by making use of a broker the applicant will be shown best source to deal with their own particular situation.
A number of disciplines have grown up surrounding aspects of failure, including the legal profession and newer professions including such diverse types as insolvency practitioners. All such experts have their part to play. Each will have their own area of expertise which you should make use of as appropriate. Making use of a debt consolidation programme will make your recovery from insolvency quicker and easier to bear.
A great advantage of such an arrangement is that it may instantly cut thedebt by a large percentage. Typically this can be as high as 60 percent, often more. This great reduction in debt makes a considerable difference and is the main thing that differentiates an IVA from a normal debt relief programme. Therefore folk seeking debt reduction programmes should apply for one of these rather than a standard debt relief program on all occasions.
A debt consolidation programme will usually be drafted by a qualified insolvency practitioner and shall be made specifically to cover the specific requirements of the client. There is no typical method to such things as every state of affairs differs, and some are vastly different. The insolvency practitioner will draft the optimum programme in accordance with the client's individual situation and then set up a programme of repayments usually for 5 years, although in some situations this may change.
A debt consolidation programme is a legal instrument and most people would jump at the chance of entering into one as it is bound in law and discharges the client from all debts when the agreed term has been concluded. It is a more benign resolution to long-term debt than other harsher instruments such as making the debtor bankrupt and it carries none of bankruptcy's stigma.
All governments attempt to rescue people who are suffering from debt in various ways. There are recognised schemes like IVAs and CVAs to assist in the methods of corporate and personal debt recovery and to try and palliate what is always a highly difficult process, and clearly a debt consolidation programme is involved in this. The aim is intended to be towards safeguarding personal resources if at all possible and also in protecting the property of individuals by legal means. This takes into account both private property and also the assets of businesses on which the wealth of individuals depend.
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