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IVA advice for cash strapped borrowers
According to recently published statistics it appears more people could be seeking IVA advice following research revealing thirty two pence was lent to Britons for every £1 saved.
An IVA allows for individuals with over £15,000 of unsecured debt (debt not tied to their house) to freeze interest on repayments and re-negotiate more realistic repayment terms and amounts with creditors.
Some sources are claiming that the amount borrowed per pound spent has reached new levels.
So people can begin to take down the mountain of debt, they may need to talk to a debt adviser who may be able to suggest a debt solution tailored for their specific situation.
A debt solution could be something like an IVA (individual voluntary arrangement), or a DRO (debt relief order), for example.
It seems more people are taking on more debt. From April to June this year the amount was twenty seven pence per £1 saved, 5p lower than it is now. Extra debt means higher monthly repayments on borrowings.
For those with high levels of debt an IVA could be the solution to rising interest and debt payments.
It seems people have gone back to their ways of taking out more credit, sometimes to be in a position to pay off existing debt. Instead of saving, some Britons are scrambling to pay off existing debt.
