Saturday 20th of November 2010
Entering into an individual voluntary arrangement (IVA) could turn out to be a worthwhile course of action for those the plan is suited to, one expert has noted.
Jasmine Birtles, founder of Moneymagpie.com, said some people cannot afford to go bankrupt as it costs them money and she believes IVAs may offer some people an alternative.
She observed that an IVA is something that should work out well for all parties concerned as it means the creditors are repaid some of what they are owed and the debtor is saved from losing everything.
"It needs to be run by somebody who is properly registered and you need to have a regular income to be able to service that arrangement," she added.
Earlier this month, Ms Birtles stated that the news people are now more willing to discuss their financial problems is healthy, as a willingness to discuss debt problems has led to less of a stigma being attached to people who are suffering monetary troubles.
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
- IVA demand could rise as growth in unemployment 'will continue'
