Financial experts are warning that consumers are positively throwing their money away by not shopping around for credit cards. Many people in debt will see an IVA as the ideal solution to their debt problems.
The current economic climate in the UK doesn't make pleasant viewing for those who are in debt and financial experts are warning consumers that they face further financial ruin by not shopping around when it comes to choosing credit cards. The debt management capabilities of consumers in the UK have taken a hit due to the credit crunch and many in financial arrears are relying upon an individual voluntary arrangement (IVA) to dig themselves out of a financial hole.
IVA – Making the right choices
A report by the Office of Fair Trading has discovered that as many as 70% of consumers are wasting money unnecessarily by not shopping around for the best deals on credit cards. Experts within the financial field are warning that insolvency levels are set for a record high in 2008 and that consumers literally cannot afford to waste money on credit cards. Many who are no longer capable of meeting their monthly repayments on credit cards and who face the threat of insolvency or bankruptcy have found that an IVA has been able to help address their financial problems. An IVA is a legally binding agreement that is held between those in debt and their creditors and it will see them repay their arrays at a level that they are financially capable of achieving.
IVA – The Need For Good Debt Management Routines
In order to successfully steer clear of debt in the long run, consumers need to ensure that they live financially within their means and avoid unnecessary expenditures. John Fingleton of the Office of Fair Trading states, "No-one wants to throw money away, but consumers who don't shop around for credit cards are doing just that. It is essential that consumers are given the right tools to make comparisons between credit cards more easily." Those who find themselves in a position of irrevocable debt will often rely upon specialist financial resolutions such as an IVA, as these will structure their debts in such a manner that they become more manageable and so that they can be paid off within an agreed time frame.
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.