- Wednesday, 15 April 2009The best option for financially troubled consumers could be to get an IVA, it has been suggested.
Financial guidance website Moneywise notes the potential benefits to be derived from setting up an IVA.
Among them is the clearly defined schedule for repayment that comes with a five-year
IVA solution.
"Once the five years are up, your debts are written off," readers are told.
During the five years after setting up an IVA, meanwhile, the total amount that borrowers must pay back can be reduced by as much as three-quarters.
The information resource explains that between 20 and 25 per cent of the debt may be paid back, if 75 per cent of creditors agree.
In summer 2008, readers were warned by Moneywise that they could face a growing need for
IVA solutions.
Steve Willey, head of credit cards at price comparison website moneysupermarket.com, told the news provider that IVAs could become a necessity as credit "will catch up" with consumers who overspend.
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Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
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Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
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