Thursday 1st of April 2010
Seeking individual voluntary arrangement (IVA) answers could be the ideal next step for Brits who are struggling with their money and find themselves on the brink of bankruptcy.
IVAs can give you the chance to get your finances in order if you have large unsecured debts, as over a period of five years they can help you cut the money you owe - if it’s worth over £15,000 - and freeze interest rates at the same time.
And it appears as though this could benefit a large amount of people in the country, with the latest Credit Action statistics showing that 390 UK adults will be declared insolvent or bankrupt today (April 1st) - the equivalent of one person every 3.69 minutes.
As a result, 1,000 Britons seek some form of formal debt rescheduling every working day, the figures reveal.
Rather than being declared bankrupt and potentially losing your home, you may find securing an IVA is a more private affair and could help protect a family home, so long as the monthly repayments are met.
Written by Ashley Littley
- Alternatives to bankruptcy available, expert notes
- Bankruptcy 'should be a last resort' to tackle debt management issues
- Bankruptcy 'has improved attitude towards debt'
- Insolvency levels rising, figures show
- Negative equity leading to bankruptcy increase, says expert
- Bankruptcy 'brings people out of debt'
