IVA Advice

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:

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

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

• That the IVA advice you're being offered is impartial
• IVA Advice should take into account the perspectives of both the debtor and the creditors.
• IVA advice should be compliant with appropriate licensing and regulation
• Advisors should have IVA and debt management experience
• All IVA advice and supervision processes and systems should be defined and governed by experienced professionals.

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.

Botswana, Japan sign debt relief agreement
Dailynews, Botswana - 15 hours ago
By Puso Kedidimetse GABORONE - The government will use the proceeds of debt relief to undertake projects that address poverty and promote social and ...

Gulf Times
Ivory Coast could get debt relief mid-2009 - World Bank
Reuters South Africa, South Africa - Sep 6, 2008
This is Ivory Coast's third attempt at HIPC debt relief. According to Economy and Finance Minister Charles Diby Koffi, external debt repayments amount to ...
W. Bank says Ivorian aid tied to cleaning up cocoa Reuters South Africa
all 11 news articles

Reuters
Sweet Relief In Asia At GSE Bailout
Forbes, NY - 54 minutes ago
Asian financial institutions are among the largest holders of long-term debt of US government agencies, led by China and Japan, which held $376 billion and ...
Fan-Fred Plan Pleases Global Watchers Wall Street Journal
Few Stand to Gain on This Bailout, and Many Lose New York Times
all 38 news articles

Times Online
A Sigh of Relief, but Hard Questions Remain
New York Times, United States - 1 hour ago
What is more, the plan will do little to stem losses in risky home loans, commercial mortgages and debt used by private equity firms to acquire companies. ...
Video: AP Top Stories AssociatedPress
US seizes Fannie and Freddie CNNMoney.com
Relief rally expected Sydney Morning Herald
Business Spectator - guardian.co.ukall 5,644 news articles

BBC News
Progress seen in debt relief for poor countries
Pakistan Dawn, Pakistan - Sep 4, 2008
By Masood Haider UNITED NATIONS, Sept 4: A new UN report finds significant progress in providing debt relief to the world’s poorest countries. ...
Poverty-reduction aid lags, study finds Los Angeles Times
DEVELOPMENT: UN Warns of Faltering Goals on Aid, Trade IPS
UN says wealthy failing the poor BBC News
SABC News - Economic Timesall 184 news articles

Boston Globe
Hurricane Relief Efforts Create Red Cross Debt, Nonprofit Says
Washington Post, United States - Sep 5, 2008
By Philip Rucker The American Red Cross said this morning it is going deep into debt to fund a $70 million Hurricane Gustav relief effort, ...
Red Cross National Relief Fund In The Red First Coast News
all 339 news articles

Handloom weavers may get debt relief
Business Standard, India - Sep 2, 2008
After the debt waiver scheme for farmers, the Union government is hoping to extend a similar scheme for handloom weavers. The Union textiles ministry, ...

UNCTAD Calls for increased development aid to support anti-poverty ...
EMportal, Serbia - 3 hours ago
This achievement is due partly to better macroeconomic policies, improved debt management and debt relief, but is mainly the result of a favourable external ...

Bankruptcy lawyers can advise clients on debt-court
Reuters - Sep 5, 2008
The amendment in dispute prohibits debt-relief agencies from giving clients advice about taking on more debt before filing for creditor protection. ...
8th Circuit: Bankruptcy Provision Violates Lawyer Free Speech Rights ABA Journal
all 5 news articles

Gene F. Turnwald: Debt relief might be less than it promises
Lansing State Journal, MI - Sep 2, 2008
I ask you to please keep that in mind when dealing with debt relief companies that guarantee to lower your credit card or loan payments and interest rates. ...

Wind Chimes and more...

Windchimes for great gifts!

Do It Yourself Debt Relief