- Thursday, 19 March 2009Brits struggling to cope alone with their financial difficulties could find
IVA advice to be one solution, it has been claimed.
Comparison site MoneyExpert explains that debt can be "a loan-some road" when individuals are facing a money crisis.
But
IVA help can put a professional practitioner on their side, helping to liaise between the borrower and the people to whom they owe money.
"IVAs work as an agreement, overseen by an insolvency practitioner, between you and your creditors," the article says.
It adds that
IVA advice can be the next step if a less structured debt management plan is not working - and is still a step away from declaring bankruptcy.
Seeking an IVA could be particularly appealing to people who have been hit by higher loan rates despite cuts in the base rate of interest in recent months.
In December, MoneyExpert noted that some lenders were continuing to raise their rates in opposition to the moves being made by the Bank of England.
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