Consumers are being squeezed from all directions as fuel, food and now the cost of clothes is eating away at debt – an individual voluntary arrangement plan is one way of tackling financial difficulties.
An individual voluntary arrangement and debt management plan can be the only way forward for some consumers caught up in difficult or unmanageable debt. It offers an attractive alternative to bankruptcy and a solution to debts that are simply too much to cope with. At one time, individual voluntary arrangements and bankruptcy were associated with business tycoons fallen upon hard times. But now, the individual voluntary arrangement is commonly used for everyday people and consumers who have found their debts spiral beyond their control.
Debt Culture – Consumer Demand
We are now well and truly in the grip of a debt culture. Decades of easy credit and the pursuit of profit with over inflated property prices has pumped hot air into the booming credit balloon. But now, the bubble is bursting – and with devastating consequences. The younger generations are having to contemplate taking out an individual voluntary arrangement barely before their careers have begun. For those who over-stretched their incomes to get on the property ladder, they are now faced with the very real prospect of negative equity. Properties are no longer financial cushions with safe, high returns. Add to that the rising cost of day to day living, it's no wonder an individual voluntary arrangement is the only option for those whose debts have taken a firm grip.
Individual Voluntary Arrangement – Preparing for the Worst
The news is full of headlines that shows we are being attacked from all sides; an individual voluntary arrangement is one way of defending your financial future. As well as falling property prices, it's hard to get any kind of affordable credit or mortgage deal. Banks are raising their charges and safeguarding their profits. Food prices have shot up as investors move from stocks and property to stable resources such as crop prices, creating a surge in food prices. Petrol costs are higher than ever with a fuel shortage predicted. And now cotton farmers in America have switched to more lucrative crops – a move that has led economists to predict the end of cheap clothing. As more consumers are dealing with huge debt, using an individual voluntary arrangement or debt management plan, there is less expendable cash. Consumers are not shopping, demand has fallen, and soaring oil prices are making production of cotton expensive as well as pushing up the cost of shipping cotton to export markets. It seems the credit crunch is lunging from worse to worse.
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.