SIVAs or Simplified Individual Voluntary Arrangement (SIVA) is a proposed new form IVA, a method of clearing debt without being declared bankrupt.
Simplified Individual Voluntary Arrangements will likely have two tiers. Tier 1 having an upper limit of £25-30,000 and Tier 2 an upper limit of £75,000.
A SIVA Tier 1 agreement will not need a majority vote to proceed while a SIVA Tier 2 will continue to require a vote, but will only need a 51% agreement from the creditors, rather than the current 75%.
What Is A Siva?
A SIVA or Simplified Individual Voluntary Arrangement or SIVA is basically a new form IVA which is a method of clearing debt without being declared bankrupt.
An IVA is only available for people with debts over £13,000, but is generally used when debt levels are higher which can often in the range of £60-70,000.
A SIVA is it can be organised for lower debt amounts and be set up quickly so that get control of your finances sooner rather than later.
SIVAs will be available in the latter part of 2008.