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services for individualsIf you are struggling to pay your debts agreeing an affordable payment plan with those you owe money to is a sensible way forward.  There are two ways you can do this through an informal or formal arrangement.

Informal Agreement

An informal agreement involves either yourself or a third party agreeing a plan with your creditors,

it tends to be used when the amount owed is low, there are only a few creditors and debt can be paid back in full over a relatively short period of time.  It does not however provide you with the protection of a formal agreement.
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Individual Voluntary Agreement (IVA)

An IVA  is a formal agreement and is effectively a contract between you and the your creditors.  

It ring fences any historic debt allowing you to make contributions towards the debt at an agreed and affordable level over a set timescale.

To be approved an IVA requires the agreement of 75% (in value) of creditors which vote upon it.  It also allows for the orderly realisation of assets by the debtor.

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