Debt management in the UK is becoming increasingly difficult and the Citizen Advice Bureau views the current situation as ‘worrying’. Many in debt will use an individual voluntary arrangement to tackle their debt arrears.
There are a number of contributory factors to the current financial crisis that grips the nation. From the credit crunch to spiralling living cost, all are having a profound impact upon consumer's finances and financial experts predict that insolvencies will hit record levels in 2008. Those who have large, uncontrollable debts will find that an individual voluntary arrangement can help them get their finances back on track by tackling their debts head on.
Individual Voluntary Arrangement – Debt Concern
Debt is something that is affecting many thousands of families in the UK and a poll of 75% of the Citizen Advice Bureau's in the UK discovered that these facilities had dealt with over 215,000 new debt problems in the first two months of 2008. Financial experts often suggest that an individual voluntary arrangement can be highly successful in addressing the debt problems being faced by many in this country. The level of debt is largely the result of irresponsible lending by institutions and irresponsible spending by consumers. The Citizen Advice Bureau discovered that the biggest single cause of debt remains store and credit cards and many find the financial burden of repaying these debts too much and many resort to an individual voluntary arrangement (IVA) to dig them out of their financial hole.
Individual Voluntary Arrangement – Living Costs
One of the primary reasons that debt management is proving so tricky for many consumers across the UK is spiralling living costs. Energy bills, cost of food, petrol prices and all sorts of price hikes are hitting consumers in the wallet and those threatened with insolvency or bankruptcy are turning to an individual voluntary arrangement to help them out of their financial hole. Teresa Perchard of the Citizen Advice Bureau stated, "These latest figures paint a worrying picture, suggesting a significant number of households are struggling to meet their most basic living costs."
Speak To Varden Nuttall About An Individual Voluntary Arrangement
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.