Wednesday 3rd of February 2010
Individual voluntary arrangements (IVA) could not only financially help those in debt but emotionally too.
A new study by Aviva UK Health has found that almost a quarter of companies believe the economic downturn has impacted upon the stress levels of its workers.
Over 60 per cent of businesses believe long-term absence rates are an issue which they have to deal with.
Indeed, cash-concerned consumers may be worried about lenders knocking on their door, sending letters and repeatedly phoning their home. However, they may find an IVA answers such a situation as under the agreement, lenders can only make contact through the expert negotiator.
Creditors are also prevented from taking any further legal action while an IVA is in place so long as repayments are kept up with.
"Stress is extremely hard to tackle as people often mask the symptoms until it’s too late," says Dr Doug Wright, principal clinical consultant from Aviva UK Health.
Rather than leaving debt - and stress - to pile up until the only way out appears to be bankruptcy, getting a grip on finances now through an IVA could prove beneficial.
By Ashley Littley
- 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
- An IVA could keep your kids in your family home
