- Friday, 31 July 2009The Mirror has highlighted the benefits of
individual voluntary agreements (IVA) in an article giving advice to those struggling with debt.
The newspaper also considered the advantages of debt consolidation loans and debt management plans in helping those most affected by the recession.
Last quarter's largest increase in unemployment since records began in 1971 and the lowest job vacancy level since 2001 were both identified as significant causes of people struggling with debt.
"If you are one of the tens of thousands struggling to meet your monthly payments there are various options available to help you through," the newspaper said.
Entering into an IVA was suggested to be the best option for those people who owe a more significant amount of money.
The newspaper said: "You could write off up to 75 per cent of your debt, avoid bankruptcy and only pay what you can realistically afford each month.
"An IVA is a formal agreement between you and your creditors, interest will be frozen, your debt will be reduced and in five years you will be debt free."
According to the Office for National Statistics, UK unemployment currently stands at 2.38 million.
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