Debt can be crippling but there are ways and means by which to tackle it, such as an IVA. Some, however, such as John Darwin, go that bit further in order to escape their financial woes.
More or less a celebrity in his own right now, John Darwin, the canoeist who claimed to be a ‘missing person', had actually racked up massive debts and took the extreme measure of faking his own death to avoid repaying them. Those in debt and unable to pay off creditors are increasingly turning to an IVA (individual voluntary arrangement) to satisfy their creditors and regain financial independence.
IVA – The Despair Of Spiralling Debt
Being in debt and unable to pay off creditors is never a welcomed experience but there is much that can be done when the burden of debt becomes too much and the risk of bankruptcy looms. Many in debt across the UK have managed to avoid the pitfalls of bankruptcy by filing for an IVA. By applying for an IVA, those in debt can get a tighter rein on their finances and formulate a structured repayment plan to pay off their creditors. The primary benefit of an IVA is that, once it has been successfully completed, the individual will be completely free of debt and free to proceed however they so desire financially and in employment terms. The same cannot be said of those who have filed for bankruptcy, however.
IVA – Darwinian Theory
The ‘bury your head in the sand' approach adopted by ‘missing person', John Darwin, was doomed to failure. He now faces criminal charges of fraud and deception. The mounting debts faced, and ignored, by Mr Darwin, could have potentially have been addressed by filing for an IVA, which would have been a legally binding agreement that would have seen his creditors presented with a payment proposal. It's generally expected that the numbers entering insolvency or being declared bankrupt in 2008 will be the highest figure to date. By opting for an IVA, however, many who are on the brink of financial ruin will be able to avoid the nightmare of bankruptcy and steady the financial ship with a structured payment plan.
Talk To Varden Nuttall About 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 0800 031 9802 or fill in our online enquiry form.