The Government was consulting on plans to introduce a faster, easier IVA called the Simple IVA, or SIVA. This was to encourage people to settle their debts and so ease their financial worries. Basically it allowed families and individuals to get debt help more easily.

Simple Individual Voluntary Arrangements (SIVAs) would have allowed debtors to clear their debt more efficiently. The time-scale of setting up a SIVA was expected to be much shorter than an IVA.

Benefits of a SIVA included

• Only 50.1% of the creditors will have to accept the SIVA as oppose to 75% on the IVA
• It is expected that SIVAs can be arranged for clients owing up to £25, 000
• IVAs will stay in place for clients owing more than £25, 000

All proposals for the Simple IVA needed to be balanced, fair, acceptable and certain for the debtor, but also ensure that the maximum affordable contributions are paid to protect the interests of the creditors. Plans for the SIVA were scrapped.

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