- Thursday, 5 March 2009IVA services could be a way out for Britons who are living in denial of the untenability of their debts.
Speaking to the Evening Telegraph, Sally Parmar explains that her own situation reached such a level that she was left in a state of denial.
"I found myself unable to open letters because I knew I couldn't deal with what was inside them," she explains.
"So I used to put them in the sink and set fire to them."
Ultimately, after consulting Citizens Advice, she declared bankruptcy to eliminate her debts, which stood somewhere between £60,000 and £70,000.
However,
IVA services could provide an alternative to full bankruptcy which might allow an individual to recover their own finances over time.
Up to 70 per cent of debt can be written off by many
IVA solutions, with the remainder repaid over an agreed schedule that is confirmed by all of an individual's creditors, rather than arranged separately with each one.
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