Keeping debt in check is largely akin to walking a tightrope and this has become even more precarious due to a lack of balance transfer deals. Many will utilise an IVA when debt problems become insurmountable.
The myriad of monetary problems that is currently blighting the UK; from the credit crunch to soaring living costs is making debt management more difficult than any time in recent memory. This issue is compounded by the discovery that there are an insufficient number of balance transfer deals to those who find themselves in the vice-like grip of debt. Many homeowners and consumers will decide to utilise financial management schemes such as an IVA in 2008 as they aim to overcome their debt management problems and secure their financial futures.
IVA – Helping Free Consumers From Debt
An IVA refers to an individual voluntary arrangement; which is a legally binding contract which is drawn up between creditors, those in debt and an insolvency practitioner. These are proving increasingly popular amongst those in debt as an IVA prevents repossession proceedings being instigated and doesn't have any of the negative implications associated with bankruptcy. Experts predict that the numbers who seek an IVA will surge in 2008 as the effects of the credit crunch become truly apparent and factors such as insufficient balance transfer deals impact upon the debt management capabilities of consumers saddled with debt. With this in mind, debt expert Beccy Boden-Wilks states, "One of the major effects of the credit crunch is that people can't manage their large amount of debt as cheaply as they could before; this is having a knock-on effect."
IVA – Taking Your Head From The Sand
When it comes to debt, it goes without saying that it can be a very stressful period in anyone's life but the key is to not avoid the issue and tackle it head on instead. A report from Sainsbury Finance claims that £1.1 billion of debt will be transferred from one card to another in the coming year and many will rely upon an IVA to help them structure their debts and formulate a successful plan of repaying their arrears at a level which is economically viable for them.
Speak to Varden Nuttall About An IVA
Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.