There is no hiding from the ever-increasing price of living in the UK. Paul from London said “ I was forced to take-out an IVA last month, due to the rise in Utilities and my ever accumulative debt, I did ponder Bankruptcy, but the IVA route seemed far more attractive”
British Gas has increased their prices by 15% in 2008 due to higher wholesale energy prices. Other Gas companies have decided not to increase their prices until the summer (when we are less likely to notice it).
Some debt management companies have noted a 67% increase in enquiries regarding IVA applications in comparison to figures for December 2007.
At present, the IVA is receiving mixed reviews and consumers rely on information from friends and family regarding IVA advice, but five fundamental IVA points can be found within this article.
At present, the IVA is receiving mixed reviews and consumers rely on information from friends and family regarding IVA advice, but five fundamental IVA points can be found within this article.
1. If you have any equity on your property or own any other valuable assets, you may be asked to release some or all of the money as part of your IVA agreement.
2. An IVA is only suitable for people who have unsecured debt to the value of £12,000 or more.
With around 10,000 people per month predicted to seek IVA help or bankruptcy advice this year, consumers should start looking at their outstanding debt and prioritise which creditors should receive precedence.
Organising your debt into a hierarchy of importance will stop you from going to prison, losing your home or having to pay out unnecessary fines and summonses.
Individual Voluntary Arrangements are very serious matters, they are not a quick fix, nor are they a complete solution to debt problems.
If you are in debt and struggling, please get debt advice . The stress and worry can seriously damage your health.
Ignoring debt does not make it go away, it just adds to the problem. Your creditors are more likely to negotiate terms with you if you are up front and admit to having problems before they have to start chasing you.
Ken Bates has victoriously won back his position as chairman for Leeds United, and has made arrangements with the clubs creditors to start settling their outstanding debt.
New applicants who wish to claim jobseekers allowance or income support are being left with severe debt, as a new phone system holds up payments.
There are thousands of conmen all over the world prepared to sell you a dream if you will listen but who gains the debt and who makes the millions?
What you need to know
What goes on?
Advice on remaining debt free
