The IVA or the Individual Voluntary agreement is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. This financial procedure is not to be confused with the informal procedures being dished out by non-regulatory organisations as advertised on television and in the daily tabloids in a sensational manner. There are many reasons to use an Individual Voluntary Arrangement. This is a legally binding way to reduce the amount that you pay. Back. This agreement will stop any further interest charges and reduce your monthly repayments. This ultimately means more money in your pocket at the end of the month

The debt ridden people can go for the IVA help to deal with the debt problem if the following conditions are satisfied-

• The concerned person must have UK debt in £ (pounds sterling).
• The agreement applicant must be a resident of England, Wales or Northern Ireland.
• The help seeker must be insolvent. This means he must be having difficulties paying the debts are more than the equity in his home.
• The applicant must have debts over £15000. Please note for smaller debts the applicants should consider a Debt Management Plans
• The agreement seeker must be able to afford at least £200 per month towards to the existing debts. This is because the creditors need to get at least 25% of their money back before they will consider starting the agreement.
• The applicant should have a regular income source so that he can afford all his basic living expenses such food, clothing and utility bills during the agreement period without any hassle.
• The applicant must show good attitude towards paying his debts because the IVA practitioner must feel comfortable acting for him.


The advisers at the IVA help agencies are very experienced in the IVA procedure and will give you detailed IVA advice on the Individual Voluntary Arrangement procedure in a minute manner. The applicants do not confuse an Individual Voluntary Arrangement (IVA) with the Debt Management Plans, which are not legally binding and can not be challenged at the court of law. The Debt Management Plan is a good option for the debt ridden who can afford to make regular payments to their creditors and want an easy, hassle free way to pay. So,at the time of choosing you should look at all your options with you so that you can make the best choice.

There are who people actually do not know that the option of an Individual Voluntary Arrangement (IVA) even exists. Such debt ridden people should not suffer in silence and speak to IVA help unit as soon as possible to get access to best advice.