Debt management is difficult enough in the current climate but research suggests people are paying bills not belonging to them. Many in debt will utilise an IVA in 2008 to sort out their debt arrears and get back on track.
According to research carried out by MoneySupermarket.com, there are large numbers of consumers who are actually paying bills that are incorrect or not applicable. Many people across the UK will find themselves facing bankruptcy or insolvency due to their debt problems but increasing numbers are discovering that an individual voluntary arrangement (IVA) can prove successful in tackling their financial arrears. Financial schemes such as an IVA are beneficial as they structure an individual's debt and create a proposal to pay back outstanding amounts.
IVA – The Importance of Checking Your Bills
Debt nightmares are being compounded for many Brits by taking on bills that they are not responsible for paying. With so many consumers balancing on a financial tightrope, the slightest fluctuations in living costs can have a devastating effect and paying unnecessary bills could be the straw that broke the camel's back. When an individual's financial problems become insurmountable, many will decide to use schemes such as individual voluntary arrangements (IVA) as these can negate the need for filing for bankruptcy and don't have any of the negative implications. According to the research conducted by MoneySupermarket.com, as many as a third of consumers have spotted an error with their bills in the last 12 months and many of these errors go unnoticed which creates the debt management issues.
IVA – An Accumulation of Debt
Whilst it may not be the case that the mistake of paying the wrong bills will spell financial disaster for all; it will certainly have a bearing on those struggling to keep up with repayments as it is. Being irrevocably in debt can be a very stressful time in anyone's life and many are finding a financial solution to their monetary woes in the form of an individual voluntary arrangement (IVA). These schemes write off a proportion of debt and create a manageable plan to pay back arrears within a time frame acceptable to the creditor.
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.