IVA

Every day in the UK, it’s estimated that an average of 390 adults become insolvent. This is in spite of the supposed end of the recession last year. We’ve heard about the green shoots of recovery for a while now and the housing market is certainly showing signs of improvement. However, it’s understandable that the period of recovery may be drawn out by the number of people who lost their jobs and remain unemployed. In addition to this, there is also the damage to consumer confidence that’s stopping us all going out and spending like we did pre-recession.

Ultimately, the lesson to be learned here is that your financial situation can change very quickly and if you are in a precarious position, this can soon lead to severe debt problems. The recession cost a lot of people their jobs and if you suddenly lose your source of income, your outgoings still carry on regardless. You can very quickly find yourself in a position where your financial commitments are unmanageable and you’re facing the threat of bankruptcy. In this position, it can be all too easy to fall back on more credit and make your debt problem even worse.

There is a debt solution on the market for those who are facing severe debt problems, which allow you to avoid filing for bankruptcy. The Individual Voluntary Arrangement, or IVA, is the ideal solution for those with unsecured debt amounting to more than £ 12,000. Of course, everyone’s route into debt is different. Of course, there is no quick-fix for your debt problem but the right debt solution can help you to bring your finances back under control as quickly as possible. The IVA will allow you to make an affordable monthly payment for a fixed term and after successful completion of the IVA, any outstanding debt will be written off. To see if an IVA would suit you, talk to a specialist debt advisor right away. As one of the most trusted advisors on the UK market, Harrington Brooks are here to help.

This article was written by Harrington Brooks on IVA and the steps that can be taken to find the best solution.