Insolvency is an issue that is likely to be on the tip of the tongues of many in the financial industry throughout 2008 and according to a recent report in The Times, the country's leading accountants have been universal in their belief that insolvencies are set to soar in 2008 as the debt crisis continues to be a burden on those in financial strife. To stave off the threat of bankruptcy, many will opt for an individual voluntary arrangement in order to get the financial situation back on track.

Individual Voluntary Arrangement – Tackling the Tide of Debt

According to the report in The Times, the nation's leading accountants are concerned that the current debt crisis and credit crunch will dry up the so called ‘wall of cash' that, in the past, has prevented individuals and businesses from experiencing insolvency or bankruptcy. Many with in the financial industry suggest that an individual voluntary arrangement, which is a legally binding contract that prevents creditors from pursuing debt any further, is the best solution when it comes to getting finances back on track.

Individual Voluntary Arrangement – A Numbers Game

Unfortunately, for those already experiencing financial problems, 2008 is unlikely to bring any respite. The credit crunch and debt crisis that has afflicted the nation means that those in a financially irrevocable situation will see the threat of insolvency and bankruptcy hover over them in 2008. The report in The Times states that experts within the financial industry predict that there may be a 10% rise in insolvencies in 2008. The credit crunch and the change in attitude of banks towards lending are the main culprits for this surge in insolvencies. In order to avoid the financial implications of bankruptcy, many will opt for an IVA (individual voluntary arrangement) which structures spiralling debts, prevents creditors from pursuing debt and allows the debt to paid off within a structured time frame without resorting to insolvency / bankruptcy.

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.