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AeroSpect Web Directory
AeroSpect is a powerful human edited web directory resource of quality, family-friendly, and spam-free sites organized via a comprehensive category structure. Featured, standard, and reciprocal links are offered. |
| ClearDebt IVA | | ID: | 17518 | | Title: | ClearDebt IVA - http://www.cleardebt.co.uk | | Pagerank: | 4 | | Description: | Providing IVA (Individual Voluntary Arrangements) throughout the UK and free debt advice, bankruptcy advice and IVA advice. ClearDebt also provide IVAs for debt management and consolidaton. | | Category: | Business : Dept Consolidation | | Link Owner: | Robyn Green | | Date Added: | June 05, 2007 10:24:59 AM | | Number Hits: | 1 | | Bookmark: |             | | Inner Pages: | IVA Advice
An IVA is a legally binding agreement between you and all the people and organisations you owe money to (your creditors). You can try to arrange an IVA when there is no real prospect of paying off all your debts.
With the help of a licensed insolvency practitioner, you work out what you can realistically afford to pay back over a period of time - often 3-5 years. If three-quarters of your creditors agree, all your debts and the future interest on them will be frozen at the time that the IVA proposal is agreed. Your creditors will usually forego some of the debt you owe and at the end of the agreed period these debts are written off provided you have kept up with the negotiated monthly IVA payments. As long as you are confident you can maintain the regular monthly payment that is agreed an IVA could be the solution for you and you could be debt free in 5 years or less.
Bankruptcy Advice
Bankruptcy is a formal insolvency route for individuals with serious debts that they cannot pay. Bankruptcy is often the last resort and is usually applied when no meaningful alternative can be offered to creditors.You may petition for your own bankruptcy or a bankruptcy order may be applied for by one of your creditors if you cannot pay what is owed to them. Whilst the Enterprise Act 2002 now allows some bankruptcies to be discharged after one year this is not expected to be the norm and any proof of reckless spending may result in a bankruptcy period of between 2 and 15 years.
Debt Management
Debt management plans are provided by debt management compaines who negotiate with your creditors to change your debt repayment terms. Debt Management Plans (DMPs) cn be a good debt solution, especially if your problems are likely to be short term. Increasingly, especially if you don't owe very much in total, creditors may ask you to try debt management before being considered for an IVA.A debt management plan can be put in place by a debt management company or made by yourself ("self help debt management"). Sometimes. commercial and charitable debt management plans are simply a step on the road to bankruptcy, offered to debtors who are terrified of the word insolvency. However in many circumstances they can be an appropriate solution, especially if you can nearly pay all your debts or if you strongly believe your problems will be short term.
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