Spiralling living costs, a slowing housing market and the credit crunch are just some of the reasons that millions of consumers in the UK are struggling to remain afloat in a sea of debt. Insolvency and bankruptcy are expected to reach record levels in 2008 and many financial experts point to an individual voluntary arrangement as a successful means of tackling substantial debts.

Individual Voluntary Arrangement – Fat Camp

Research carried out by Lloyds TSB came to the shocking conclusion that millions of people in the UK have a financial ‘weight problem'. The bank correlated financial status to weight and established that many Britons need to shed a few pounds (pun not intended) when it comes to their debt management. Many financially floundering Brits will rely upon an individual voluntary arrangement to help eradicate their debts in 2008. The Lloyds report discovered that over half of Britons are overweight, in the sense that their debt is in excess of their savings. The report also finds that debt ‘obesity' affects 12% of UK consumers, in that they have an over-reliance upon debt and more than a quarter of spending each month is allocated to repaying unsecured debts.

Individual Voluntary Arrangement – Swallowing Debts

The research carried out by Lloyds TSB shows the extent of the debt problem in the UK and many face a financial rollercoaster in the years to come. More and more consumers, however, are discovering that an individual voluntary arrangement has the capacity to tackle their debt head on and doesn't come the negative implications associated with bankruptcy. Ian Larkin of Lloyds TSB stated, "Our physical health is something that the nation is taking increasingly seriously. Most of us know our Body Mass Index, but our financial health seems to be less of a priority and often people have misapprehensions about the real state of their money." When it comes to debt management, many consumers are choosing to fight the financial obesity with an individual voluntary arrangement.

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.