Thursday 2nd of July 2009
The Insolvency Service has published a new guide to help those people in debt deal with their creditors.
In Debt? Dealing with your creditors outlines how Britons could benefit from seeking IVA help.
Once the conditions of the IVA have been completed, people will find themselves automatically free of debt, the document noted.
Furthermore, an IVA guarantees instant protection from action by unsecured lenders, which could be a relief for those of you worried about what consequences may come from this debt solution.
The Insolvency Service also reminded Britons that while fines, student loans and maintenance payments can not be reduced with an IVA, other financial commitments such as credit cards and unsecured loans can.
Commenting on the benefits of obtaining IVA help, the guidance noted: "You make only a single payment each month or quarter. Your insolvency practitioner is responsible for administering and distributing your payments."
An increasing number of people may require IVA advice after uSwitch.com reported that credit card customers in the UK have been offered a combined £8.8 billion of unrequested credit by providers in the last 12 months.
