Wednesday 11th of August 2010
Britons who are struggling with escalating debt issues could find they now have very few options to help them get back into the red.
Information on individual voluntary arrangements (IVAs) may, however, show them there is a way of sorting out their finances once and for all.
Writing for the Daily Telegraph, Emma Simon explains there are a number of measures people can embark upon when trying to whittle away their deficit.
And speaking to the journalist, Grant Thornton’s Mike Gerrard comments an IVA could be beneficial.
“Typically, debtors repay about 40p out of every £1 they owe under an IVA, so they are a way of getting on top of your finances,” he states.
Researching IVA information could, however, show you additional aspects of the method that may make it a more suitable option to bankruptcy, for example, depending on your situation.
It freezes the interest on all of your unsecured debts worth more than £12,000, which may make your money troubles more manageable in the long run.
In addition, it doesn’t obstruct your route into certain careers, or require details of your insolvency to be published in the local paper.
By Hayley Jones
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- 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
- Worried about tax? IVA questions and answers may offer a helping hand
