Wikipedia Simplified Individual Voluntary Arrangements (SIVA)

Wikipedia produce quite a detailed definition of what an SIVA is and kindly have allowed us to reproduce it on our site.

Wikipedia IVA – Simplified Individual Voluntary Arrangement

Simplified Individual Voluntary Arrangement From Wikipedia, the free encyclopedia

In the United Kingdom, a Simplified IVA (SIVA) was a proposed new form of IVA (Individual Voluntary Arrangement), which would have been a formal alternative of clearing debt without being declared bankrupt.

The new regime was likely to have been two tiers:
* Tier 1 would have had an upper limit of £25-30,000, and
* Tier 2 an upper limit of £75,000.

Also, the approval of an SIVA was likely to have been based on a simple majority instead of the exiting 75%.

The government decided not to proceed with the proposals for SIVA in November 2008.

Simplified IVA Plans Withdrawn

In December 2008 The plans announced to modify the Insolvency Act 1986 by introducing SIVAs (Simplified IVA) have been withdrawn from the regulatory marketplace. The association said that the “successful operation of the IVA (Individual Voluntary Arrangement) Protocol has resulted in many of the desired improvements in the IVA marketplace being implemented without the need for further insolvency legislation”.

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IVA Wikipedia is not the only place where you can get free IVA information. An IVA (Individual Voluntary Arrangements) is an alternative to bankruptcy and can be one of the best ways debt solutions, dependant on your circumstances. An IVA allows you to write off unaffordable debt with a reduced monthly payment for 60 months. One Advice can offer you free IVA Advice so you can find out if an IVA is the right financial solution for you.