Independent Advice
No Bankruptcy. No loss of Dignity
Credit Card IVA
Credit Card IVA: 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.
A credit card IVA is a debt management plan set up by the government to provide a solution to the problem of personal debt and to deal with the growing issue of personal insolvency. Our clients are licenced to give IVA advice and do so on the basis that Individual voluntary arrangements were never designed to be one-size-fits-all cures to any debt problem, as each person's situation is different.The needs of one household can be vastly different from the needs of another person. Any advice given must thus take into account the uniqueness of the situation people find themselves in.
Generally an Individual Voluntary Arrangement will be set to run for sixty months (sometimes less) and after this has finished all the debts are discharged from a person's credit profile. During this time banks are not allowed to harass or pursue the debtor. The IVA has the benefits of sequestration and none of the disadvantages.
An instrument such as this writes off most of a person's debt at the start of the programme (although be wary of the claims made in some advertising: it is rarely more than 60 or 65% of unsecured debt which may be 'written off' in this way). All good credit card IVA advice of this nature will make sure you get the best results with the lowest monthly repayments together with the highest proportion of debt write-off at the outset.
So complete the application form below for impartial credit card IVA advice which is right for your own personal circumstances.
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Credit Card IVA
Most sorts of credit card IVA will usually be drawn up to run for sixty months, although sometimes this will vary. At the conclusion of the agreed term the debt is considered to have been paid off in full and the client exonerated. Any debt records which have been registered against the client's name and address will be struck from the credit records as applicable.
A number of disciplines have emerged related to aspects of insolvency, and these include the legal sector as well as more recent professions including consultants. All such experts have their own strengths and weaknesses. Each one will have a different area of specialisation which you should benefit from to your advantage. Making use of a credit card IVA should ensure that the turnaround from insolvency is much quicker and easier.
A credit card IVA will be generally framed by a specialist insolvency practitioner and will be drafted especially to address the specific requirements. There is no average approach to such a process as all situations are different to the next, and some circumstances differ exceedingly. The insolvency practitioner will now draw up the optimum strategy for the applicant's own particular situation and draw up a programme of payments to creditors which is generally five years, although in certain cases this can change.
In order to qualify for a credit card IVA the client must be able to demonstrate a salary or earnings which is above a stated minimum amount and have arrears with a total value of more than a specified sum and not greater than a specified maxima, and such figures may alter from one insolvency company to the next. Usually the income must exceed the calculated repayments after other bills have been met such as the mortgage and utility bills and council tax, etc. The average minimum amount of personal debt is around £2,000 though this can vary. A ceiling of £50,000 is imposed in a few cases, though by going through a broker the applicant will be steered towards the appropriate service to look after their own particular circumstances.
The client's creditors are barred from getting in touch with the client once the credit card IVA is started. The creditors may not chase up the debt, and if they insist on doing so they will be committing a felony and will be penalized, which may include a fine or even taking away their licence to trade if they are a debt collector. The applicant has this guarantee against the tiresome phone calls and other methods these companies use in order to intimidate their prey.
A credit card IVA is a useful legal instrument and most would jump at the chance of taking one out as it is santioned by the law and discharges the holder from the entire debt at the end of the term. It is a much more amiable answer to long-term insolvency than other more draconian instruments like bankruptcy and carries none of bankruptcy's stigma.
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