Getting into a situation of uncontrollable debt is something that for many is impossible to avoid but with an individual voluntary arrangement, it needn’t mean an end to their financial security.
Debt, especially after the heavy spending at Christmas, is a problem that experts predict will result in 120,000 people becoming insolvent in 2008. The best solution to this problem is an individual voluntary arrangement, which will see you regain control of your finances.
Individual Voluntary Arrangement – What It Means For You
When someone finds themselves in the vice like grip of debt, it can be nigh-on impossible to see any light at the end of the tunnel. Essentially, an individual voluntary arrangement places a flashlight in the hand of those in debt and guides them to firmer financial ground. What an individual voluntary arrangement seeks to do is remove individuals from beneath the dark cloud of debt. In the worst case scenarios, people can be locked into debt repayments for over 20 years but an individual voluntary arrangement takes control of the debt and allows you to tame the disobedient beast of spiralling financial strife.
Individual Voluntary Arrangement – What Makes Them Different
For those in financial difficulty, an individual voluntary arrangement is thought to provide a much better solution than a debt management plan as these don't provide a legally binding agreement between all the parties, which means that creditors don't have to honour the terms that have been agreed and can continue to pursue the debt. Worse still, debt-ridden borrowers may even increase the balance owed if the creditors don't freeze their interest rates. With an individual voluntary arrangement this ceases to be an issue. An individual voluntary arrangement is a formal contract between all the parties and it is governed by the Insolvency Act of 1986. What this means is that when individual takes out an individual voluntary arrangement, the creditors cannot take any further action against the borrower. So, when the spectre of debt looms large, the nation's public are increasingly turning to individual voluntary 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.