IVAs ‘a lifeline for those in debt’
Individual voluntary arrangements, commonly known as IVAs, may offer a “lifeline” to Britons with debt problems, it has been claimed.
Andy Davie of advisory service IVA.co.uk suggests that consumers should consult with family members when facing debt.
“In debt you can sit alone - a lot of people don’t even talk to their family about their debt problems,” he claims.
He adds that IVAs are a good option to remedy debt problems “if used correctly and if proposed correctly”.
The comments come as a study by MoneyExpert reveals Britons are skipping payments on unsecured loans in an effort to tackle debt issues.
An average of 7,700 loan repayments were missed every day over the past six months, according to figures.
Chief executive Sean Gardner warns: “Missing repayments is not a way to manage your finances.”
However, an IVA may be able to write off as much as three-quarters of an individual’s personal debt.
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