Britain's Growing Debt Problem

If you are struggling with debt repayments, an IVA could provide a way out of your financial turmoil.

Research by YouGov has revealed that 1 in 5 adults in the UK has unsecured debt of more than £10,000. Almost 10% of these borrowers (which equates to about 750,000 people) said they had problems repaying their debt every month while a further 10% struggle "most months" or "quite frequently".

13% commented that their debt problems had become so bad that they were "quite likely", "very likely" or "certain" to declare themselves bankrupt or take out an Individual Voluntary Arrangement (IVA). (May 2006)

The IVA (Individual Voluntary Arrangement) was introduced by the government in 1986 as a less restrictive alternative to bankruptcy for people who are struggling with serious debts. It is a legally binding contract between an individual and its creditors with creditors agreeing to wipe out a proportion of the debt, in return for the individual making a regular monthly repayment for a period of 5 years.

  • Are you struggling to pay credit or store cards, overdrafts or personal loans?
  • Do you have debts over £15,000?
  • Under pressure from creditors or debt collectors?
  • Is the stress and worry from being in debt  ruining your life?

If this sounds familiar, an IVA might be suitable for you. It's essential that you don't ignore your debt problem and seek the best  advice possible from a Licensed Insolvency Practitioner (IP).

Simply complete our no obligation enquiry form to get FREE professional and impartial IVA advice so you can be sure that you have all the facts and are choosing the best debt management solution.

Good IVA advice is imperative because signing up to an IVA can involve a commitment of up to five years, so it's important that you understand fully what you're getting into before you start and that you are aware of all the options.

Latest Facts & Figures

An IVA which is sometimes termed  “bankruptcy lite”, are rocketing in popularity as overindebted people seek to escape unmanageable liabilities.

Accountancy firm KPMG predicts more than 130,000 people will be declared bankrupt or enter into an individual voluntary arrangement (IVA) with their creditors in 2008. 

There is expected to be a sharp rise in the take up of Individual Voluntary Arrangements in the first 3 months of 2008, fuelled by excessive spending over Christmas, pressures of the credit crunch and rising energy bills.

With an IVA you could:
Freeze interest charges
Reduce the amount of debt owed by as much as 70%
Get protection from legal action
Stop creditors from harrassing you
Pay back what you can afford
Avoid losing your home
Stop court or bailiff action
Reduce your repayment period
Debts cleared in 5 years
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