Recent changes in the IVA market mean that they are an even more streamlined method of tackling debt. Many consumers who are in financial strife will opt for an individual voluntary arrangement in 2008 to tackle their debts.
There are few things worse than being dragged down by uncontrollable debts and many consumers in the UK who are threatened with insolvency or bankruptcy in 2008 will see an IVA (individual voluntary arrangement) as the ideal solution to their debt problems. A recent overhaul of the IVA sector has led financial experts to predict that individual voluntary arrangements will cut £57 million from consumer debt.
IVA – Tackling the debt endemic
An IVA is a legally binding contract between those in debt and their creditors and is formulated in a structured manner in order for repayments to be made at a financially achievable level for those in debt and within a timeframe to satisfy their creditors. This is seen as the ideal solution for many who find themselves in debt as most genuinely want to pay back their creditors but often find themselves overwhelmed by the extent of the debt that they find themselves in. In this circumstance, an IVA is often the best way to tackle debt head on and look forward to a future free from financial misery.
IVA – Changes To The System
The ways in which an individual voluntary arrangement (IVA) is instigated has undergone some changes of late to make them even more beneficial to consumers who have debt problems. New protocols relating to the IVA industry mean the practitioners now generally charge consumers less to take out an IVA and they work even harder to ensure that an individual can become debt free as soon as possible. Mark Sanders, a financial expert, recently stated, "IVAs are an effective solution for indebtedness and it is important that the insolvency industry continues to work together to make sure IVAs work for consumers and lenders alike."
IVA Solutions with Varden Nuttall
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.