Monday 23rd of November 2009
Individual voluntary arrangement (IVA) advice may help reassure Britons that some of the debt "myths" that are in circulation are not true, a new report says.
Credit card companies cannot send bailiffs round to a consumer’s home unless they first get approval from the county court, which will grant a judgement against a person, lovemoney.com states.
Firms can, however, send a debt collector round but they have no legal powers and so cannot enforce action. Britons in debt may find unwanted visitors at their door one of the most worrying things about owing cash.
Those who seek IVA advice will find that credit card companies and other lenders can take no further action once an IVA agreement is in place and all contact will be made through a negotiator who liaises with both the person in debt and creditors.
"If you are struggling financially, don’t bury your head in the sand. Your problems won’t disappear by themselves," the website advises.
Rather than struggling to keep up with financial commitments, Britons may find that IVA help could prove a positive first step on the road to repaying high levels of debt.
By Chris King
- 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
- IVA could be ideal for Daily Mail columnist
