- Thursday, 26 March 2009More consumers are turning to
IVA help as traditional forms of money management have been rendered ineffective by the credit crunch, reports OK! Magazine.
Readers are told that the implications of the credit crunch are far-ranging and are creating a "dire situation" within the UK economy.
This is leaving more people with less available spending money and is also putting some out of work, the publication notes.
And the defining feature of the credit crunch - a lack of available lending - is making it difficult for such people to borrow their way out of debt.
Instead, IVAs are being explored by some, along with more formalised debt management plans.
Through
IVA help, consumers could find they are able to cut the amount owed by up to 70 per cent.
An IVA plan is agreed with all of a person's creditors and typically writes off at least some of the total amount previously due to be repaid.
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