- Thursday, 16 April 2009The
IVA process is one option if creditors are not receptive to less formal requests for assistance, it has been suggested.
Pam McGrath of the National Debtline tells This is Money that creditors should typically be open to reasonable requests for help.
However, for some consumers she notes that an
IVA debt solution could be an option.
She tells readers that IVAs and bankruptcy can be considered "depending on your specific circumstances".
But Ms McGrath stresses the need to consult an advisory service before entering into any such agreement.
Readers who have not yet entered into a formal arrangement may be interested in her suggestion that communication with creditors should be conducted in writing and by recorded post.
She adds that this can extend to requesting that telephone numbers should be removed from creditors' databases to prevent harassment.
This is Money previously warned that individuals could find their partner's debt becomes a problem as, even if they are not held directly liable for what is owed, joint assets could be seized by bailiffs if action is not taken to repay borrowing.
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