- Thursday, 14 May 2009An
IVA debt solution need not be a depressing prospect, it has been noted.
Credit reference agency Experian tells MSN Money that debt management solutions - which could include more formal options such as
IVA help - are a source of positivity.
"Don't see this is a negative process - you are taking charge of your life and money," the financial expert explains.
"You'll be a lot happier once you know you're on top of your debts and you'll feel a real sense of achievement."
Experian notes that an
IVA debt solution will typically lead lenders to be cautious for up to six years after the debt is cleared.
This is the length of time for which an IVA can remain on an individual's credit report.
However, an IVA could actually help to meet some of the other recommendations made by Experian.
The credit reference agency advises that Britons who cannot afford their repayments on debts should continue to pay what they can afford and negotiate a different schedule with their lenders.
Under an IVA, this schedule could be formalised and up to 70 per cent of the full balance owed can be written off in some cases.
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Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
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