Monday 28th of September 2009
Desperate debt-riddled Britons are selling their kidneys to pay back demanding creditors, a Sunday Times investigation has revealed.
The organs, which are illegal to sell in the west, are being advertised online for more than £25,000 each.
Sellers have indicated the money received for a kidney would be used to pay back mortgages and clear personal debts.
However, when serious debts are mounting up, applying for an individual voluntary arrangement (IVA) could be a better way to merge unsecured debt such as credit cards and personal loans, making repayments more manageable.
The findings of the investigation come in the midst of the credit crunch which has forced thousands of business owners into bankruptcy.
But an (IVA) could prevent bankruptcy as creditors could be reassured that although it might take longer to be repaid, the money they are owed will not be automatically cleared by an IVA.
IVAs restructure your payments to creditors so that they become more realistic and effective.
It was revealed last week by the UK Payments Administration that credit card spending in Britain has crashed to a two-year low as people look to reduce expenditure and deal with spiralling debt.
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
- IVAs could clear couples' route on to property ladder
