- Tuesday, 23 June 2009People considering a debt management plan may do well to consider an
individual voluntary arrangement (
IVA) to help them address their financial troubles.
Jim James, north-east regional chairman of R3, an insolvency trade body, told a local newspaper that an IVA is one of three formal insolvency procedures to consider - along with declaring bankruptcy and taking on a debt relief order, a new process set up in April this year.
He added that for those struggling financially, it is important to seek advice from a professional as quickly as possible. Mr James suggested that charities may be a good place to start if people are looking for free and unbiased information.
Debt charity Credit Action estimates that one person is declared bankrupt or enters into an IVA every 4.35 minutes in the UK.
Citing figures from KPMG, the group anticipated that by the end this year, 411 people a day will enter into an IVA or become bankrupt.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
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
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
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