- Wednesday, 24 June 2009Taking on an
individual voluntary arrangement (IVA) to manage debts of more than £15,000 could help struggling individuals avoid the "trauma" of bankruptcy, This Is Money has reported.
According to the publication, an IVA has a number of advantages - it freezes interest and breaks repayments down into manageable monthly instalments.
But those struggling with debt should act sooner rather than later, as there is no point in delaying "the inevitable", it stated.
The first port of call when considering an IVA is to seek out independent advice from an accredited professional, then prioritise repayments once the plan has been agreed.
Furthermore, people struggling financially should avoid getting further into the red until their existing debts have been paid off.
Debt charity Credit Action suggests that currently, an estimated 331 people declare bankruptcy or enter into an IVA each day.
Including mortgages, the average British household is £58,370 in debt.
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