The demand for debt solutions such as an individual voluntary arrangement is booming. Debt companies and charities have reported a massive climb in the numbers of individuals coming forward investigating the individual voluntary arrangement as a possible solution and alternative to the black mark of bankruptcy.

Individual voluntary arrangement – consumer gloom

The rise in requests for individual voluntary arrangements has been put down to the unmanageable debt that has resulted from higher mortgage repayments, alongside a raft of increases in living expenses and bills. Utility, energy and petrol have all risen sharply, and inflation and interest rates aren't helping. For homeowners who have reached the end of their fixed rate mortgage contracts, many have to take up a more expensive variable rate as they are unable to remortgage. Lenders are more reluctant to offer remortgage packages as they tighten their belts in light of the global credit crunch.

January is worse for individual voluntary arrangement requests

January and February are notoriously cruel months when it comes to finances – the hangover from Christmas excess can drive some people into debt they simply can't sustain. An individual voluntary arrangement offers a solution for those who want to address their debt without having to resort to bankruptcy and the entire negative stigma that entails.

Borrowers clamour for IVA help

It's been reported that borrowers are now clamouring for help with debt as some individual voluntary arrangement companies have witnessed a surge in calls. January 2008 saw interest in individual voluntary arrangement packages rise by two thirds as many homeowners struggled to pay bills and higher mortgage repayments. The high level of outgoings needed to pay off debt also accounts for the surge in IVA requests. Debt has never been so expensive. Individual voluntary arrangement experts are predicting that 2008 will outstrip the 110,000 insolvencies in 2007 - £1.3 billion of bad debts was written off with individual involuntary arrangements.

Talk 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 0800 031 9802 or fill in our online enquiry form.