Beware! We've heard of so-called "debt management companies" who say that they are Insolvency practitioners and can set-up an IVA for you - but this is not true.
Under the Insolvency Act 1986, only authorised individuals may act as Insolvency practitioners. Insolvency practitioners are authorised on the basis of education, practical training and experience. They are subject to monitoring and regulation and must hold a security bond against losses caused by their fraud or dishonesty.
You will be pleased to know that Simple Debt Solutions are licensed Insolvency practitioners.
At Simple Debt Solutions, our experienced, ethical debt advisors will help deal with all your debt queries and will give you clear, jargon-free and impartial advice to help you decide which course of action is the best for you. We're open 9.00am until 9.00pm 7 days a week or you can fill-in our online confidential form and we'll get back to you.
Iva Advice
If you've got debts of over £15,000.00, there is a little known government solution that may be able to help. Called an IVA (Individual Voluntary Arrangement), this government backed scheme could be the solution to your debt problems. To find out whether an IVA is right for you please give our professional debt advice team a call now on 0800 389 5959. They will listen to your individual debt situation and will assess whether an IVA is suitable. You can rest assured that all our advice is impartial and free.
IVA stands for "Individual Voluntary Arrangement". It's a legally binding agreement between you and your creditors (the companies you owe money to).
It allows you to make an agreement to settle your debt within a reasonable and fixed period of time (usually about 60 months). Once you start an IVA, any interest or debt charges are frozen and the companies you owe money to will be stopped from demanding any additional payments.
With an IVA you agree to pay only what you can afford - typically one affordable monthly payment. Once you've made the final payment, any outstanding debt is legally written off but the affect on your credit rating could last for up to 6 years.
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Why should I choose Simple Debt Solutions?
We are licensed Insolvency practitioners - unlike many debt management companies who are not.To set-up an IVA, you must use the services of a licensed Insolvency practitioner. Simple Debt Solutions has a number of licensed Insolvency practitioners and our highly trained staff are all on-site and on hand to offer up-to-the-minute debt advice to all our customers.
We've been really disappointed to see an influx so-called "IVA advisors" onto the internet over the past few months. These companies not only seem to flout the law, but employ staff with little or no training in debt management. We regularly receive calls and emails from people who have been badly advised by these companies and who then turn to Simple Debt Solutions to offer true impartial debt advice.
How does an IVA work?
One of our friendly, trained debt advice team will assess your financial position and, if an IVA is the best option for you, they will work with you throughout the process.Step 1 - You nominate one of our experienced licensed Insolvency practitioners to work on your behalf (by simply instructing us to act).
Step 2 - We will assist you to create an IVA proposal that can be presented to your creditors.
Step 3 - When you are happy with the IVA proposal, we'll send a copy to each creditor who will then vote to either accept or reject the IVA proposal. If the majority (at least 75% of those who bother) vote in favour, then all creditors are legally bound to accept (even those who rejected it!).
Step 4 - Once your IVA is accepted, all letters and phone calls from your creditors will stop. We will deal with all your creditors - all you need to do is pay the agreed monthly amount.
Step 5 - Once your IVA has been concluded, you won't owe any money to anyone but your credit rating may be affected for up to 6 years.
Advantages of an IVA
1) There's no stigma or publicity unlike in bankruptcy.
2) You are always in control as the IVA is your proposal and (with our help) it is your choice which of your assets are included.
3) You'll always know where you stand and can be confident that you are taking a positive step to deal with your debts.
4) Your creditors will get a greater return as IVA costs are lower than in bankruptcy.
5) You can continue to be a company director (unlike in bankruptcy).
6) An IVA does not affect professions such as the Police or Armed Forces.
7) If job security is a concern, an IVA is private and your employer has no need to know about it.
Disadvantages of an IVA
1) Usually only suitable if you've got unsecured debts of at least £15,000.
2) All your assets and liabilities must be disclosed.
3) Any windfalls (including inheritance) must be declared.
4) On occasion, some equity in your property may need to be released.
5) You credit rating can be impaired for up to six years.
Click here to see frequently asked questions about IVA's
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