As more UK businessmen and homeowners are being hit hard by the credit crunch, forced into individual voluntary arrangements or bankruptcy, some are fleeing to greener pastures.
The global credit crunch is certainly taking its toll as everyone from all sectors of society are feeing its fall out. Individual voluntary arrangement deals and bankruptcy applications are on the rise from high flying executives down to average-earners who simply can't afford to meet their increased mortgage costs, rising utility bills as well as juggling expensive debts.
Exodus of Executives: Avoiding an Individual Voluntary Arrangement
Rather than face an individual voluntary arrangement, some high flyers have decided the only way is up, rather than face up to the downfall of the economy and their own personal finances. The Times reported on an exodus of executives as senior employees in the finance industry are turning their nose up at an individual voluntary arrangement and debt management by fleeing to more affluent countries instead.
Individual Voluntary Arrangement preferable to Bankruptcy
An individual voluntary arrangement however offers one way for the over-indebted to sort out their finances without opting for the extreme path of bankruptcy – something that can affect future employability. But for executives in London and New York, many are fleeing to the shores of Dubai or Shanghai were excess still rules and money flows. The reality of facing up to unmanageable debt or taking out an individual voluntary arrangement is forcing more UK employees to consider up-rooting to emerging markets. And according to The Times, the financial sectors 'exodus to the East is accelerating' as economists predict the worst is yet to come.
The City has lost a number of big hitters and senior executives as they turn their backs on difficult debt, individual voluntary arrangements and bankruptcy and say hello to big bonuses, strong investments and booming markets. China and India are also seen as desirable locations that are providing some of the biggest opportunities for the financial sector.
Moving to Emerging Markets
And it isn't just the wealthy execs in the City who are moving to where the wealth is. Emigration is increasingly popular in the UK as more Brits feel the pinch. Those who have lost equity in their homes or are facing negative equity are looking to invest what money they have made in property in growing markets such as Bulgaria and Canada. And for employees at risk of redundancy or who are simply fed up of paying the huge cost of living, a move abroad can be a step away from the harsh reality of looming financial meltdown and the necessary debt management or individual voluntary arrangement plans that await.
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.