- Wednesday, 20 May 2009Britons who have been left in difficult financial positions by the economic downturn might want to face their monetary problems head on and consider an
individual voluntary agreement (IVA) debt solution.
According to ABC News, those with less than perfect finances should not bury their heads in the sand; instead taking steps such as drawing up a budget and seeking financial advice to help them better manage their debts.
Negotiating with creditors could be one way of easing the economic burden, but it is important to ensure all information from creditors and lenders is accurate, the news provider suggests.
Consumers are advised to read up on their rights to avoid harassment from collection agencies and also should avoid taking desperate measures that could further compound their financial standing.
Some Britons might want to seek advice on making an IVA application, which could help consumers to clear their debt. Typical criteria for those considering an
IVA debt solution include having debts of more than £15,000 and owing three or more creditors.
Recently, Dragon's Den tycoon Duncan Bannatyne told the Daily Record that he was not always good with money and urged Britons to make sure they take advantage of all available benefits to boost their income.
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