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SIVA (Simple Individual Voluntary Agreement)
What is a SIVA?Due to increasing levels of debt in the UK there has been a dramatic rise in the numbers of people applying for IVAs. This has led the government to review the system nationally. Simple Individual Voluntary Arrangements or SIVAs are planned for 2007 and are intended to simplify the whole IVA process. Currently an IVA can be agreed if it is approved by creditors representing 75% of the debt amount, under the SIVA scheme this would be reduced to 51% for applicants who owe in excess of £25,000. In addition a simpler IVA application process and contract will be implemented. This should ultimately help more people become debt free as quickly and easily as possible. The IVA procedure - Ten short steps outlining the procedure of an IVA from start to finish. For more information about IVA's click here » IVA approvals plummet |
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Home | Debt Management Guide | Debt Management | Debt Counseling | Debt Consolidation | IVA's Conditions apply. Please note that repaying debt over an extended period may increase the total amount of debt to be repaid. Transferring debts to a financial management plan will affect your ability to obtain credit in the short term. Your ability to obtain credit may also be affected in the medium to long term. Dissolve Debt Ltd are fee charging financial management consultants licensed under the Consumer Credit Act 1974, Number: 563918 © 2002-2007 Dissolve Debt Limited | Privacy Policy | Terms |