Monday 12th of October 2009
Individual voluntary arrangement (IVA) advice could have saved a Derbyshire man from bankruptcy.
The man, formerly a truck driver earning a good salary, was made unemployed three times in seven months, according to the Citizen’s Advice Bureau.
With mounting debts and mortgage repayments he was struggling to meet, he took voluntary bankruptcy.
Britons who are facing bankruptcy may want to turn to IVA advice as an alternative.
An IVA may restructure unsecured debts into a manageable monthly repayment and freeze interest rates - which can prevent debt spiralling out of control.
This may have meant the mortgage repayments became easier to find.
Bankruptcy can even threaten the security of your home - although in this case the Derbyshire man was able to retain ownership of his property - and is made public so that all of your friends and family can be aware of financial woes.
However, an IVA can secure your home and business and is always confidential - avoiding the embarrassment of being declared bankrupt publicly.
By Hayley Jones
- 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 answers may help the 6m with unshakeable credit card debt
