Friday 31st of July 2009
An individual voluntary arrangement (IVA) is one option for some Britons who find themselves in serious debt.
People who have debts which run into thousands of pounds and owe cash to three creditors or more may find that an IVA is one way to avoid bankruptcy, Dan Gale, from price comparison site Moneyextra.com, noted in the Mirror.
Taking on an IVA means that people can pay a realistic amount of money back every month, rather than facing daunting repayments which cannot be met, further pushing households into the red.
He said that many Britons may be faced with losing their jobs, which means "tens of thousands" of individuals will currently be struggling to keep up with their various financial commitments, a feeling many people could relate to.
Even if concerned employees avoid losing their jobs, the Institute of Employment Rights recently warned that many employers are freezing wages, which could leave some families struggling.
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 answers may help erase graduate debt burden
