"Little known Govt Legislation..."

[Le Chat]

There is an advert on TV with the above phrase mentioned within in referring to debt. It says something like "Your debts can be greatly reduced or even written off due to a little known government legislation." Anyone any ideas what this may be..the company is called something like Direct Debt?

[Postdog]

I know nothing about this company, but I believe what they are referring to is the opportunity for those in debt to enter an agreement for insolvency (can't remember what it is called for now).

This agreement is not the same as bankruptcy, but is similar. I really know very little about it, so if you don't get many responses to this, I would ask again in "Money and finance" - someone there will know.

[rugeleyboy]

i may be mistaken but what postdog is refering to is the lvo,its voluntry liquidation.

you agree with your creditors/debtors to pay a percentage back over a agreed time!

unless your in deep deep s*it i wouldnt advise it!

[fayelc123]

could it be www.debtfreedirect.co.uk

i think they are talking about an IVA & i have to say that this does too good to be true, but i can assure you that it is! it is very helpful if you are in lots of debt.

I would definately recommend considering this.

[Harveypool]

Avoid Debt Free Direct like the plague!!!

I sent off for some information and gave them details of my creditors to see if I was eligable for any help and before I knew it they had contacted everyone and told them my situation. This was before I had signed any agreements or anything. The hassle it has caused was unbelievable. I would contact the Consumer Credit Councilling Service www.cccs.gov.uk they offer a free service and are brilliant. They also know all about that "little known govt. legislation"

[Sooper]

Your right it is an I.V.A and it is close to bankruptcy but not quite! You pay an affordable fixed amount of money that is agreed by yourself and your creditors every month over a period of Five years and whatever money that you owe after this time is written off and this will not effect your credit rating once the time period is up. During the five years you are not allowed any credit whatsoever you will have to change your bank account and submit wage slips etc to make sure that your circumstances havent changed and you are suddenly able to pay back more money! Thats it in a Nutshell . It is a good idea if you arent a Homeowner and have hit rock bottom. It is supposed to being advertised more as so many people are in debt and dont know what options they have or are entitled to. Its the Credit Card companies etc that dont want you to know! Surpise Surprise!

[Le Chat]

Thanks for all your replies. I am not in debt myself, I was just interested in the curious wording and promises of this advert!

[r4zorb4ck]

It is called an IVA (individual volantry agreement) another alternative to bankruptcey.

[quizee1]

Dont touch an IVA with a bargepole -Le Chat......Take it from one who knows.!!

[myvesta-sean]

Hi Le Chat,

Yes the procedure is called an IVA which is the abbreviation for Individual Voluntary Arrangement. There is a wealth of information on the Not For Profit Myvesta site.

http://myvesta.org.uk/media/video/iva/

Hope this helps!

Regards

Sean