Proposed changes to individual voluntary arrangements (IVAs)
The Insolvency Service has started a consultation process today looking at proposals to simplify Individual Voluntary Arrangements (IVAs).
The basic proposals are the following:-
- To simplify the current process for those with undisputed debts of less than £75,000
- Include approval of an IVA by a simple majority vote
- Creditors not being able to change the debtors proposals and creditors having to file their claims within 90 days
- Reduce the administrative burden and on Insolvency Practitioners (IPs) who supervise IVAs
- Reducing the administrative cost to the debtors.
IVAs are an alternative to bankruptcy, and see individuals commit to repay a certain percentage of the money owed over five years in return for the interest being frozen. They are a very popular alternative to bankruptcy as it avoids the debtor having to go through the arduous process of bankruptcy. IVAs are important as there is an estimated 1m-2m individuals chronically over-indebted.
Full details of the consultation document can be found on by clicking on the following PDF document.
Download Proposed Changes to IVAs Factsheet (PDF / 660Kb)
PDF download requires the Adobe Acrobat Reader - get it HERE.
IVA Menu
- IVA (Individual Voluntary Arrangement) Overview
- Starting an IVA
- IVA Monthly Payment
- IVA Pros and Cons
- IVA FAQs - Frequently Asked Questions
- Starting an IVA
- The IVA procedure
- What is an IVA?
- IVA Enquiry Form
- How to start an IVA
- Who can an IVA help?
- IVA's - Facts & how they work
- Benefits and Advantages of an IVA
- Who can an IVA help?
- IVA - Help and information
- How an IVA works
- IVA - Estimated timescale
- The IVA approval process
- The IVA criteria
- Bankruptcy or IVA
- IVA - What are the costs involved?
- IVA - The documentation required
- IVA - Download forms
- Sample IVA proposals for PAYE worker
- IVA - Guide to creditors Fees
- IVA - Standard Terms & Conditions
- Individual Insolvency Register
- IVA
- IVA lifestyle
- Debt free after an IVA
- Is my home protected in an IVA?
- Chances of IVA rejection
- Keeping my car
- Credit rating after an IVA
- Credit report and the IVA
- Professional accreditation in an IVA
- IVA conclusion
- IVAs and meetings
- Change in circumstances whilst in an IVA
- IVA benefits for creditors
- Failed IVA payments
- IVA Case Studies
- Benefits of an IVA
- Implications of an IVA
- After an IVA - the end of an IVA
- IVA Help
- Best Debt Solution
- Proposed changes to individual voluntary arrangements (IVAs)
- What happens after an IVA fails?
- IVA Guide Centre
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]