Individual Voluntary Arrangement (IVA)
The IVA Service from Myvesta UK
IVA Success Story
"Without you we would be bankrupt, devastated and exceptionally embarrassed... Keep up the good work, I would not hesitate to recommend Myvesta." Read more »
A common mistake that many people make when facing financial troubles is to turn to large, TV advertised commercial IVA firms who promise the world but deliver a call centre environment and very little in terms of real debt help and intervention.
Often such organisations are simply trying to sell you an IVA via their call centres and have no answer other than 'go bankrupt' when an IVA isn't an easy fit or when dealing with sensitive or complicated debt situations.
If you are considering bankruptcy or have been told that this is your only option given your circumstances, call Myvesta at 0800 1116 885 or chat with us online.
Simply tell us how you feel and what you would most like to do about your debt situation and we will gladly provide you with a free, no cost, second opinion about your situation. By discussing your situation with one of our senior advisors you will either gain assurance that you are on the right path or you'll learn about new options that you did not previously know about. Either way, you benefit.
The vast majority of people we speak with are good people in difficult situations who would prefer to avoid bankruptcy. They are often attracted to the idea of entering into an Individual Voluntary Arrangement with their creditors in order to repay some of what they owe over a sensible time period rather than having to walk away from their responsibilities.
Myvesta does not believe that 'one size fits all.' We realise that each person is a unique individual with unique circumstances and that by utilising our wide range of services we can tailor a solution that best fits each person.
This is one of the reasons why we have developed the Myvesta IVA Service in conjunction with approved firms of Auditors and Chartered Accountants.
After the creditor meeting in an IVA the Insolvency Practitioner has a duty to represent the interests of the creditor, not the individual entering the IVA. Other charitable groups have elected to have their own Insolvency Practitioners on staff and even brag about that fact. This effectively means that after the creditor meeting organisations with Insolvency Practitioners on their staff no longer represent the people who need their help.
Even though it would be much more profitable for Myvesta to employ our own Insolvency Practitioners we have elected not to so there is no doubt that we always represent you.
You are free to discuss your case with us during the course of the IVA without fearing that information may be disclosed to your creditors.
By working together with our IVA partners we combine our expertise and respected positions to help people who want to do the right thing given their circumstances. We work together to best resolve each financial situation allowing our clients move forward with their lives and put the stress of debt behind them.
What The Insolvency Service Says About IVAs
"IVAs are a flexible and effective means of dealing with debt. For debtors they provide protection from creditors, debt forgiveness, flexibility in terms of what assets are included, and none of the restrictions, which apply in bankruptcy. For creditors they provide a better return than could be obtained in bankruptcy.
IVAs allow debtors to repay their creditors that which they can reasonably afford and resolve their financial problems, and are supervised by licensed and regulated insolvency professionals.
The principal statutory alternative to an IVA is bankruptcy. Bankruptcy should always be the last resort as the debtor will lose control of their assets and will be subject to bankruptcy restrictions, potentially up to 15 years."
- The Insolvency Service
The Myvesta IVA - A Not For Profit IVA Help Service
Most people can see from our comprehensive debt help web site that our approach to IVA's is very different to other IVA providers. In fact, as a member of the Myvesta Foundation, a global social enterprise, we use our collective international experience of best practice in debt management services to help people here in the UK.
We give access to our experience and debt help tools to organisations such as local Citizens Advice Bureaus, local Councils, Government panels and others that rely upon our advice and choose to refer their clients to Myvesta for individual solutions.
How the Myvesta IVA Service Is Different
1. Immediate Creditor Contact and Intervention
For many organisations that refer to us, it is our ability to intervene with an individuals creditors immediately that makes Myvesta an easy first referral point choice for debt situations. Creditor generated stress is a very important issue for our clients and our ability to make contact with creditors and debt collectors straight away to reduce collection activity appeals to many people having to deal with creditor letters and calls alone.
2. Claiming Back Unlawful Penalty Charges
Hundreds of thousands of people are in the process of reclaiming money that has been unlawfully taken from them by creditors via bank and credit card charges and other penalty fees following an OFT investigation in April 2006.
As individuals are entitled to claim repayment of unfair penalty charges over the last 6 years the amounts due to be repaid can be substantial. On average we find that charges of £2,000 and more are often owed. Naturally this money can be used to reduce the overall amount of debt owed to creditors and as such the Myvesta IVA Service also includes this process as part of the IVA procedure.
3. Free Household Bill Payment Service
To help our IVA clients with budgeting, provide convenience, and to reduce the stress and pressure our clients are facing, Myvesta also offers our free household bill paying facility as part of our IVA service. Here we can pay regular household bills such as council tax, rent or mortgage payments and utility bills along with processing our clients agreed monthly IVA payment. This free added value service is optional, however many people enjoy the convenience of having a single debt consolidation payment that covers all or most of their monthly commitments at once.
4. Utility Bill Savings
As Myvesta works closely with specialised utility providers we can arrange for your current utility suppliers (Gas, Electricity, Telephone, Broadband and Mobile Services) to be compared for value for money and some or all of them to be switched should you wish. This is an area that can deliver substantial savings to provide monthly debt relief for many people and there is no credit scoring process involved so all Myvesta clients can be assisted should they choose to. This is particularly helpful for people that have been on pre-paid utility meters since our network will accept new clients on a pay-as-you-go basis.
5. Secure Online Account Log-In Facility
Monitor your IVA and regular household bill payments via your personal online log-in facility. Your personal Myvesta account manager will send you your password once we have added your details to our interactive system and you can track payments and estimated balances immediately.
Comprehensive Debt Relief
As you can see the Myvesta IVA Service is substantially better and much more comprehensive than that offered by probably all other UK IVA providers. Best yet, as a UK not-for-profit assistance organisation we strive to keep our services free or at a reduced cost to assist as many people as possible.
Additional Myvesta IVA Benefits
FREE Legal Assistance Scheme
Once you enrol in the Myvesta IVA you will have access to free legal representation by our independent firm of solicitors if you are harassed by your creditors, they treat you unfairly or unreasonably or a complaint regarding poor creditor behaviour needs to be filed with the Financial Ombudsman Service.
Benefits Include:
- Legal Assistance in the formation and promotion of an approved IVA by an Insolvency Practitioner that your Creditors have rejected while working with Myvesta UK;
- Legal Assistance where your Creditors unfairly harass and/or chase you for the debts under an approved DMP arranged through Myvesta UK;
- Legal Assistance to pursue your Complaint to the Financial Ombudsman in respect of a rejection of your Approved IVA arranged through Myvesta UK;
- Legal Assistance in the formation and promoting of an approved/prepared DMP by Myvesta that your Creditors have rejected;
- Legal Assistance to pursue your Complaint to the Financial Ombudsman where your Creditors unfairly harass and/or chase you for the debts under an approved DMP approved/prepared by Myvesta.
MasterCard Prepaid Card
The Myvesta cashplus Gold prepaid MasterCard is the easy way to make card purchases for life's necessities while you are repaying your debt. You can use it to pay for whatever you want, like groceries, petrol, booking holidays and shopping online. It is accepted worldwide wherever you see the MasterCard brand mark. Getting a payment card has never been easier, with no credit check and no need for a bank account; this is the everyday prepaid card that lets you stay in control. As a Myvesta IVA client you will have the option of receiving a Cashplus card (£9.95 activation charge and £4.95 per month) or you can apply for it directly on our web site.
FREE Benefits Entitlement Check
As a Myvesta IVA client you will also receive a free benefits entitlement check to see if you are eligible for additional government benefits or income that you are not currently receiving. This additional income can make a significant difference and will be a welcome relief. If you are eligible for additional benefits, Myvesta's benefits partner, the Eaga Group, will assist you at no charge to begin to receive those benefits.
Donations Accepted with Gratitude
As a not-for-profit group we always strive to provide the best and most helpful assistance possible to as many people as possible. We do not charge anything for this advice, help and support, yet it is not free for us to provide.
If our site, our advice or our support has provided you with comfort or assistance, we humbly ask that you consider giving us a donation of any size you feel is appropriate to help us to help others in need.
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