Government IVA Help
The IVA was introduced to help people in debt
The Government are always striving to help avoid people going bankrupt. The government introduced the IVA procedure in 1986 and since then have been regularly looking at the ways to simplify the IVA rules of entering into an the IVA procedure.
Why use an Individual Voluntary Arrangement (IVA)?
- A legally binding way to reduce the amount that you pay back
- A way to stop any further interest charges
- A way to reduce your monthly repayments
- This means more money in your pocket at the end of the month
The government understands that for many debt is a common occurrence. The amount of people have differs greatly. Some people leave education in debt and other build debt up over many years using store cards, credit cards or personal loans. This section of the site explains what Government help is on offer and will introduce the IVA and other bankruptcy avoidance methods available through government legislation and private sector.
What IVA help does the Government offer?
The IVA procedure is a method introduced by the government for indebted individuals to resolve their debt issues..
The Government and the credit industry is constantly looking at methods to improve the IVA process more simple and promoting this debt option more to consumers since it is such an effective tool to use to get out of debt. If you have debts that you cannot afford or are facing bankruptcy, an IVA can relieve you; using Government legislation, you can have up to 75% of your debt written off. Keep in mind that IVAs are meant to be an alternative to bankruptcy, an IVA can certainly get you out of debt, but they also have downsides, such as not being able to get credit for a number of years. The Government is hoping to reduce the number of consumers choosing the bankruptcy option by making the process of an IVA easier.
Before deciding on a IVA, be sure to consider all other possible options, seek professional IVA advice if possible by calling 0800 074 6918
What IVA help can I get from the Government?
An IVA is a government approved scheme where a debtor can come to a formal agreement to make one monthly affordable repayment to all his or her creditors. IVA programmes, with the help of The UK Insolvency Helpline help debtors reach an understanding with everyone that you owe money to and can help you avoid personal bankruptcy.
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health.
This procedure is not to be confused with the informal procedures being dished out by non-regulatory organisations as advertised on television and in the daily tabloids. Those other organisations have already been adversely criticised by Watchdog.
An IVA is a government introduced procedure to help people in serious debt solve their debt problems. For more information about the IVA procedure introduced by government in 1986 and government debt help and advice schemes please call 0800 074 6918.
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