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  • End to creditor telephone calls and payment demands
  • Legally binding agreement to get rid of your debts so you'll know exactly where you stand
  • All interest rates and late payment charges are frozen
  • A single affordable monthly payment at the end of which your remaining debts are discharged
  • Can help write off up to 60-70% of your debts
  • Repaired credit rating after the agreement ends
  • Retain your car and home

NB. An IVA may NOT be a suitable option for you, depending on your circumstances. Please go to IVA Information for more details

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More people turn towards IVAs in face of rising debt

- Friday, 5 February 2010

Burgeoning debt is causing many Brits to take out IVAs and personal insolvencies, according to new statistics.

The Consumer Credit Counselling Service (CCCS) reveals a steep rise in personal insolvencies during the past year, with the charity reporting an annual increase of 93 per cent in overall insolvency recommendations.

In 2009 CCCS recommended insolvency to 39,663 of its clients, and 20,659 people approaching it for debt-related help were pointed towards bankruptcy, 11,877 towards Individual Voluntary Agreements (IVA) and 7,127 Debt Relief Orders (DRO).

There was a reported 148 per cent increase for IVAs compared to 2008.

Commenting on the figures, CCCS director of external affairs Delroy Corinaldi said: "Although there has recently been positive signs in the economy, our figures highlight the high numbers of people with unmanageable debt, for which insolvency is the most appropriate solution."

The National Audit Office (NAO) has this week revealed significant levels of "over-indebtedness" among UK consumers, with people owing a total of £1,459 billion in November 2009.

In the second quarter of 2009, 33,073 people were granted a bankruptcy, debt relief or IVA - increasing by 27 per cent on the same period in 2008.ADNFCR-2258-ID-19599104-ADNFCR

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