Thursday 8th of April 2010
An individual voluntary arrangement (IVA) has been proposed as the best way to sort out Colin Hendry’s debt troubles, it has been revealed.
The former captain of the Scottish football team is the subject of bankruptcy bids brought against him by two creditors, including spread betting firm SpreadEx, which is said to be owed close to £35,000.
And at a hearing at Blackpool County Court, Judge Michael Buckley granted an interim order to the ex-Blackburn defender.
He added: "In the matter of Colin Hendry, it is proposed he enters into an IVA with his creditors."
IVAs can assist Brits who, like Hendry, have large unsecured debts on things like credit cards and personal loans.
They cut down the money owed over a period of five years and although they still leave a mark on credit records, they can help people avoid bankruptcy, which may cause those involved to lose their family home.
By Mark Waterman
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Could an IVA help you spend more time with your family?
April 10th, 2010 at 4:13 am
What about the people that lend the money , they get 20% back and thats all OK ? IS IT ?