According to a report in the Daily Mail, BBC Arts Correspondent, Rosie Millard, found herself saddled with massive amounts of debt after she spent considerably beyond her means in the money driven atmosphere of London. Debt management has been dealt a massive blow by an accumulation of factors recently and the BBC presenter was hit hard by these economic circumstances and found herself in £40,000 of debt. Many who find themselves overcome with this level of debt will often make use of financial rescue schemes such as an individual voluntary arrangement (IVA) or a debt management scheme formulated by financial experts.

Debt Management – Living Within In Your Means

A large number of debt management problems are as a result of a change in economic situations which make it difficult to make financial ends meet but equally as many appear to be as the result of people failing to live within their means. According to the report in the Daily Mail, BBC Arts Correspondent, Rosie Millard, falls into the latter category as she lived like a millionaire but didn't have the necessary income to support such extravagance which, inevitably, created a debt management nightmare for her. Just some of her spending profligacy included:

• £4,000 on a Concorde flight to New York
• £400 on shoes worn only twice
• £1,000 phone bill whilst on a cruise
• Overspending by £50,000 whilst renovating home

Debt management – Avoiding Burying Your Head in the Sand

When it comes to debt management, the worst thing that you can do is ignore it and hope that it will remedy itself. Many who are affected by unmanageable debts will make use of financial remedies such as individual voluntary arrangements (IVAs) or a debt management plan drawn up by financial specialists. According to the report in the Daily Mail, BBC presenter, Rosie Millard, began to realise her spending had spiralled out of control. She stated, "'Frankly, London was so full of people on City bonuses that I had forgotten I was not on one myself." Getting debt management plans back on track can be a huge relief to those in arrears and record numbers are expected to utilise IVAs in 2008 in order to do just that.

Speak to Varden Nuttall About Debt Management

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.