Debt is never likely to be far from the lips of consumers and those in the government and experts predict that 2008 will see record levels of bankruptcy and home repossessions soaring. A report in the Daily Mail discovers that the spiralling cost of oil in the global climate has led to record increases in the projected power bills and many homeowners who are already struggling with debt may find these increases impossible to bear. Many who are experiencing debt management problems during 2008 will opt to utilise an IVA, or individual voluntary arrangement, as these have proved successful in structuring an individuals arrears and helping them repay their arrears at a manageable level.

IVA – Black Gold

According to the report in the Daily Mail, the cost of a barrel of oil soared to $117 in April which led to record one day increases in the cost of gas and electricity. It is inevitable that these increases will be passed on to the consumer and utility bills are expected to climb even higher than their, already lofty, position. This will undoubtedly cause a debt management nightmare for those who are already struggling to make ends meet and many will see an IVA as remedy to their monetary woes. An individual voluntary arrangement is seen as a beneficial solution to debt arrears as it doesn't have the same negative implications that are incumbent with bankruptcy and it allows those in debt to pay back what they owe at a level that is financially feasible.

IVA – A Rocky Road to Recovery

There may be many financial obstacles to be negotiated before the UK's debt problems are a thing of the past. According to the report in the Daily Mail, the costs of utility bills are expected to rise by as much as 25% by September and the price of petrol is predicted to reach £5 a gallon before summer arrives. These mammoth increases are expected to have massive implications on the debt management capabilities of those who are already balancing on a financial high-wire and many will opt to make use of an IVA so as to avoid repossession or the financial fallout that can result from bankruptcy. An individual voluntary arrangement represents a legally binding agreement that offsets some of an individual's debt and prevents any more external pressure from creditors whilst allowing those in arrears to pay back when they owe in a time-frame agreeable to their creditors and at a level that is financially viable.

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.