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Individual Voluntary Agreement

Individual Voluntary Agreement: The Way Out of your Debt (Without More Debt!)

Apply For The IVA or Debt Relief Plan For Your Own Circumstances

Independent Advice. No Bankruptcy. No loss of Dignity.

An Individual Voluntary Agreement is another term for an Individual Voluntary Arrangement.

An Individual Voluntary Agreement (or Individual Voluntary Arrangement) is a form of debt relief plan set up by H M Government to try to eliminate personal debt and to deal with the growing issue of personal insolvency.

The needs of one household can vary greatly from the needs of another person or household. Any advice given must thus take into account the diverse nature of the situation people find themselves in.

Generally an IVA will run for 60 months (sometimes less) and after the term has completed all the debts are discharged from a person's credit record.

An instrument such as an Individual Voluntary Agreement writes off most of your debt at the beginning of the programme (although beware of the claims made in some advertising: it is seldom more than 60 or 65% of unsecured debt which may be cancelled in this way). Any decent IVA advice of this nature will ensure you get optimum results with the lowest monthly repayments together with the greatest percentage of debt written off.

So fill in the application form for impartial IVA advice which is right for your own personal situation.

If you have at least two accounts in debt, and total debts of £2,000 or more, use the form below to see if you qualify. (If you owe less than this, or are on state benefits, then use this link to apply.)


















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Please be aware that figures entered need to be accurate by law, and to give the best service to you. It is extremely important that you budget for all necessary expenditure including rent or mortgage, council tax and utility bills, etc., and any other necessary outgoings related to the upkeep of your household and inrelation to any specific circumstances that may relate to you. This website only collects data on behalf of debt management professionals, from which it will receive affiliate remuneration for data collection only and does not itself engage in any debt management services. Other debt management options are available and may be more suitable. People entering into an IVA or debt management will have this entered on their credit profile and this may affect their ability to get credit in the short term or even in the long term in some cases. It is free to apply from this website; you will be given advice by debt management professionals and a 'cooling off' period, by law, to decide whether or not the debt management plan is suitable for you, and you should be aware that a fee will be chargeable upon a successful arrangement, as with any commercial transaction. Failure to meet the repayments on an IVA or any debt management programme may result in serious consequences, including, but not limited to, bankruptcy. Bankruptcies, CCJs and similar defaults will be entered into a public register and will remain there for a statutory period of not less than six (6) years.

Consumer Credit Licence number 633327.

Individual Voluntary Agreement


In order to be eligible for an individual voluntary agreement the applicant must be able to demonstrate net earnings in excess of a certain minimum and have liabilities of a total value of more than a certain sum and no greater than a certain sum, and these figures will alter from one insolvency firm to another. Normally the income should exceed these repayments after other bills have been paid including mortgage payments and council tax and utility bills. The usual minimum amount of debt is around 2,000 though this can vary. A maximum of 50,000 is imposed in a few cases, although by using a broker the client will be steered towards the best source to attend to their own particular situation.

An individual voluntary agreement will in general be drafted by a qualified specialist insolvency practitioner and shall be made specifically to address the specific requirements of the client. There is no such thing as a typical attitude to such things because all situations are different, and some situations differ considerably. The selected insolvency practitioner will now prepare the best programme according to the client's own particular circumstances and draw up a plan of repayments to a central fund and this is usually for sixty months, although in certain situations this may change.

One major advantage of an arrangement of this kind is that it may instantly reduce the debt burden by a massive percentage. This reduction of the amount of debt makes a considerable difference and is the main thing that differentiates an IVA from a conventional debt relief program. So people looking for any sort of debt reduction programme should apply for this over a standard debt relief program on all occasions.

Our economy is an extremely complex entity. Economic experts and specialists of all types try to figure out how it operates daily. It has been compared to a massive machine. At the end of the day economic practice impinges upon political and social imperatives and such things are usually governed by the society that we live in. Our society at the moment is geared towards achievement ensuring usually means exposure to risk. As long as we have this risk we also have the ghastly prospect of financial ruin, both personal and corporate. Using an individual voluntary agreement is designed to alleviate this to a certain extent.

Most kinds of individual voluntary agreement will most often be made to serve for sixty months, although sometimes this will vary from case to case. At the end of the agreed term the debt is considered to be discharged. All records of the various debts registered against the client's name will be deleted from the record as applicable after six years.





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Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.


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