Individual Voluntary Arrangement (IVA) is a debt management solution under government legislation. In order to qualify for this program, you have to show that you are struggling to pay your debts. You must be able to pay at least £150 a month with £15,000 or more worth of debt.
At the iva.net Official Site you can contact a live person through chat or phone to get started. In order for the debt practitioners to see if you qualify, you may need to provide statements of all of your bills and a pay stub. The practitioners will calculate how much your living expenses are to see if you really can't afford to make regular monthly payments. To make the process go any quicker, fill out the short form on the site.
The debt practitioner will contact each of your bill collectors to let them know what is going on and what they should expect. Before you send a payment, you will have to sign an agreement that you may be able to fax, email, or send by postal mail. Once you agree to the terms, you may need to send your first payment right away, unless the debt practitioner has given you a specific date on when to send the money.
In this program, you won't pay your debts completely out. It is available so that your debts can get some money. Any money that is remaining on any of the accounts will be written off. The debt collectors can't come after you either. If they need to speak to anyone, just give them your debt practitioner's phone number.
IVA is a good program for people who want to get out of debt quick. You have to make sure that you can make the required payment each month or it won't work for you. Once you are debt free, you will finally feel how it is to be stress free from your debts. In order to stay debt free, pay for your items with cash or use layaway. Also, instead of applying for another major credit card, use a prepaid credit card that can be bought at retail stores.