More people in debt are turning to Individual Voluntary Arrangements (IVA). Debt advice firm the Fairpoint Group says more people struggling to repay credit and store card bills took out an IVA in the first quarter of 2010 when compared to the same period last year. An IVA is an alternative to bankruptcy for people owing more than £15000 in unsecured debts. You can come to an agreement with your creditors to pay a more manageable monthly amount over a 5 year period before going debt free. A spokesperson for Fairpoint says the UK’s current economic situation has led to more people struggling with debt problems.
More people in debt turning to IVAs
May 26, 2010 By
