A report on the BBC has found that 800m runner, James McIlroy, has had to retire from the sport he loves due to mounting debt problems. It found that he was making insufficient income from competing in racing meets and that his financial repayments were not being met to the extent that his house was under threat. With an ever growing debt crisis in the UK, more and more people with substantial debt problems are finding that an individual voluntary arrangement was a successful method of tackling it head on.

Individual Voluntary Arrangement – Running Man

As a world class athlete, James McIlroy was accustomed to running away from things but, ultimately, his spiralling debts were something that he was incapable of outpacing. According to the BBC report, his financial woes began when UK Athletics withdrew his funding 2 seasons ago and the athlete admitted that it had been an "uphill struggle" since then. Debt is an issue that is affecting more and more people in the UK and increasing numbers are discovering the usefulness of an individual voluntary arrangement (IVA) when it comes to tackling monetary problems. An IVA is a legally binding agreement between creditors and the individual in debt and it devises a repayment plan that is financially achievable for the person in debt.

Individual Voluntary Arrangement – Meeting Debt Head On

Of course the best way to avoid debt problems is to live within your means and keep on top of your finances. Unfortunately, however, in the current climate of economic downturn and spiralling living costs, this is a difficult goal to achieve. In terms of James McIlroy, it simply became financially impossible for him to continue in the sport. He stated to the BBC, "I wasn't prepared to lose my house (for Beijing). I need to look for full-time employment because I wasn't earning anything from athletics." This highlights the financial struggle of many athletes and goes to show that the sporting world isn't all glitz and glamour. An individual voluntary arrangement is recommended by many financial experts for those who have a substantial level of debt as it allows them to repay their arrears in a financially viable manner and it also avoids the negative consequences that are commonly associated with petitioning for bankruptcy.

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.