Half of Brits ‘have no idea what an IVA is’
Article Category: IVA (Individual Voluntary Arrangement) Help and Advice
Almost half (49 per cent) of Britons do not know what an IVA is, according to research.
Figures published by price comparison website moneysupermarket.com show 42 per cent of men and 56 per cent of women are unsure what an IVA involves.
Yet the majority of respondents to a survey commissioned by the website claim they would consider an IVA if their debts were to become overwhelming.
Tim Moss, head of debt at the site, explains: “For people suffering from spiralling debts, an IVA might seem like an ideal escape route.
“However, an IVA is not something that should be entered into lightly and without considered thought.”
He urges consumers to seek expert advice before obtaining such a product, as well as to help identify where spending may be cut and debt switched to a lower interest rate.
Financial education charity Credit Action recently noted that there is less stigma attached to IVAs than other debt relief methods such as bankruptcy.
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