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IVA lenders getting tougher

Lenders of individual voluntary agreements or IVAs are becoming "tougher" when it comes to making the agreements, according to Debt Free Direct.Insolvency director, Derek Oakley, said: "The attitude of lenders who are not as helpful in agreeing IVA deals and [they] are becoming much, much tougher and are denying access to an IVA, which we've assessed as the best solution for people, to quite a broad range of people and it's usually the people who need it most." IVAs have become increasingly popular recently, and are considered by many an 'easy way out' of large debts, because the full amount does not have to be repayed. An IVA is organised by an insolvency practitioner and is a formal agreement between the person in debt and their creditors to make reduced payments towards the total amount of the debt in order to pay off a percentage of what is owed over a five year period.

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