According to research conducted by MoneySupermarket.com, the class distinctions that separate working class and middle class are being blurred by a society that is increasingly saddled by debt. Debt management problems can largely be seen to result by a sense of denial proliferated by an over-reliance on credit which means that many consumers throughout the UK are endeavouring to live their life at a level that their income simply does not support. When people's debt management burdens become too much for them, many will decide to utilise schemes like an individual voluntary arrangement (IVA), which is a legally binding agreement to pay back debts at a level that is financially viable to those in arrears.

Debt Management – Living in Denial

There are millions of consumers living in a degree of denial about their finances and their debt management capabilities according to the research carried out by MoneySupermarket.com. Their findings indicate that there are over 15 million people in the UK aged over 18 that consider themselves to be middle class when, in fact, their earnings are on a par with those in the working classes.

Debt Management – Plastic Unfantastic

These consumers are able to maintain an outward appearance of being members of the middle classes by running up considerable debts of an average of £2,300 per person excluding mortgages. This is creating a debt management nightmare and many will succumb to their overwhelming debts during 2008. Those who wish to avoid repossession or insolvency may well opt to utilise an individual voluntary arrangement in order to get their finances back on track. An individual voluntary arrangement is often seen as the ideal solution to a debt management plan as it creates a structured scheme to pay back creditors, stops external pressures from those seeking repayments and doesn't come with any of the negative repercussions of filing for bankruptcy.

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.