The ability, or indeed inability, to debt manage can have a profoundly negative effect upon an individual's relationships. Being irrevocably in debt can be a very difficult and lonely time where it is hard to convey feelings to significant others. According to a report on Channel 4 News, a quarter of people suffering from debt management shortfalls said that money problems had led to the breakdown of a relationship. Given the current debt crisis in the UK, many consumers will opt to utilise an individual voluntary arrangement (IVA) in order to get a handle on their debt problems and look forward to a financial future free from arrears.

IVA – Problems of the Heart

There are many elements that can cause strain on a relationship but few are as destabilising as debt problems. According to research carried out by Christians Against Poverty, 23% of its clients had ended their relationship with a partner as a result of debt management problems. When it comes to tackling financial arrears, many experts suggest that an individual voluntary arrangement (IVA) is the best solution for those with massive debts. An IVA has the capacity to write off a proportion of an individual's debt and creates a scheme to repay creditors at a level that is achievable.

IVA – Profound Debt Effect

The issue of debt is one that will be in the forefront of both homeowners and consumer's minds during 2008 as repossessions and bankruptcies are set to soar this year. However, financial resolutions such as an individual voluntary arrangement (IVA) are able to stave off the threat of bankruptcy and doesn't have any of the negative consequences associated with being declared bankrupt. According to the research conducted by Christians Against Poverty, as many as 69% had been to a doctor with debt related stress, two-thirds had missed meals in order to repay debts and 22% admitting this was something they did on a regular basis. With debt management plans such as an individual voluntary arrangement (IVA), however, people can pay back their debts at a manageable level and grab the reins on runaway debt.

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.