Monday 12th of October 2009
Cash-concerned Britons are being urged to seek advice before their debt problems spiral out of control by the Citizen’s Advice Bureau (CAB) - and an individual voluntary arrangement (IVA) could be the perfect answer for those with money worries.
Today marks the start of the CAB’s Advice Week in which worried debtors can ask a number of advice agencies for help with their money problems.
The event aims to highlight how much help is available, especially if a problem is raised early.
David Harker, chief executive of the CAB, said: "Even people at crisis point - for example people facing a court hearing for repossession of their home - can find their situation swiftly improved if they seek advice."
Many people may see an IVA as an attractive option in their attempts to deal with debt.
An IVA adviser negotiates with creditors and can freeze interest rates and restructure repayments.
IVAs could help at any stage of a debt case - from those with initial concerns about how to meet repayments to those on the brink of bankruptcy.
By Chris King
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