Britons seeking debt help may be better off seeing private companies, after a government debt management scheme was slammed by MPs. People with over £15000 of debt might want to consider entering into an Individual Voluntary Arrangement (IVA). This works by breaking debts into more manageable repayments and does not put the family’s home at risk, unlike bankruptcy. Another advantage of an IVA is that after a five year period, any remaining debt is wiped out. This comes after the Public Accounts Committee called Government-led schemes “seriously deficient.” The Committee’s chairman, Edward Leigh, warns that one in ten people need debt help, but the central strategy has “never been evaluated” and there have been no progress reports since 2007.
Government debt advice complete failure
April 12, 2010 By
