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IVA : More People To Choose IVA Solution.
Further reports of an expected rise in the number of people selecting an IVA (individual voluntary arrangement) to deal with their serious debt problems were announced today.
As many as 30,000 people are expected to declare themselves insolvent in January, February and March of 2007 with as many as 10,000 of these bankruptcies the result overspending during the festivities, so says financial advice firm Grant Thornton.
Of these people thousands are expected to use individual voluntary arrangements (IVAs) to deal with their debt problem. Extra spending on the run up to Christmas, mixed with the rising costs of gas and electricity bills, interest rates and property are all listed as contributing factors responsible for Britain's escalating personal debt problem.
Head of Grant Thornton's personal insolvency practice, Mike Gerrard, said: "Last year, during the period straight after Christmas, when most bills started to hit the doormat, we witnessed the highest ever amount of people going into personal insolvency. This year things could be even worse."
Citizens Advice deals with an estimated 5,300 debt problems every working day. Sarah Miller from the charity, agreed with the prediction of increased bankruptcies in the first few months of 2007, "We do see evidence of a Christmas debt hangover, and this month we expect to exceed the 140,000 debt problems that Citizens Advice Bureau dealt with in January 2006" she said.
Ms Miller also warned of the dangers of taking bad advice, and although it is true individual voluntary arrangements, IVAs, may be the correct debt solution for some people, an IVA wouldn't suit all cases and taking proper professional debt advice is essential for those people suffering with debt: "IVAs are only one option for people in debt and don't suit everyone, which is why impartial advice is so vital."
If you are searching for impartial debt advice for a serious debt problem, and need qualified impartial advice, then call the experts at myIVA-Adviser.com for a free IVA consultation now. So why not call 0800 088 7503 now, and begin to regain control of your debts.
