At Financial Support Systems we operate under a regulated framework to produce “protocol compliant” IVA’s for our customers under something called The Straightforward IVA Protocol. The most recent in which Financial Support Systems is proud to work to is the 2016 IVA Protocol.
For your reference we have provided access to each of the protocols issued since 2008.
- The 2014 IVA Protocol (January 2014)
- The 2013 IVA Protocol (January 2013)
- The 2010 IVA Protocol (Updated 1st May 2010)
- The 2008 IVA Protocol (25th January 2008)
These protocols are used in connection with Standard Conditions for IVA’s which apply to all IVA’s produced by Financial Support Systems where they were approved after 1st February 2016.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on successful completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release equity in their property, subject to certain criteria. If unable to release equity and equity is available an additional 12 months payments may be requested in compensation.
Financial Support Systems provides insolvency solutions to individuals, specialising in IVAs. We do not administer or provide advice relating to debt management products, such as Debt Management Plans. Advice and information on alternative options will be provided following an initial fact find where the individual(s) concerned meets the criteria for an IVA and wishes to pursue it further, as governed by our Insolvency Practitioners' regulators, the Institute of Chartered Accountants in England and Wales. All advice given on any alternative options is therefore provided in reasonable contemplation of an insolvency appointment.
The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here.
The Association of Business Recovery Professional, known as R3, produce a booklet called "Dealing with money worries - A guide to your options". This is a very helpful summary of the various options for dealing with debt and a copy can be found at the following link. Please also see link to 'Voluntary Arrangements - A Guide for Creditors on Insolvency Practitioner Fees'.