IVAs ‘require research’
Article Category: IVA (Individual Voluntary Arrangement) Help and Advice
Anybody considering an individual voluntary arrangement (IVA) should thoroughly research the process, it has been advised.
James Falla, managing director of Thomas Charles, said that IVAs are one of three possible debt solutions, with the other two being a debt management plan or bankruptcy.
The first step for anybody who finds themselves in debt should be to research each of these three options - possibly with the help of professional, impartial advice- in order to assess which is appropriate from an informed position, Mr Falla said.
"Each of those options is a very valid solution and will suit different people better depending on their circumstances," he explained.
Therefore, any company that appears to be pushing either debt management, IVAs or bankruptcy at the expense of alternative routes should be treated with scepticism, the managing director warned.
A new report from PricewaterhouseCoopers shows that the average Briton owes £33,000 in unsecured loans.
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