In the wake of the current financial turmoil the number of consumers seeking IVA advice has increased significantly.
An IVA (Individual Voluntary Arrangement) is a debt help programme set up and administered by a Licenced Insolvency Practitioner. Consumers with higher debt levels can consolidate and reduce their monthly debt repayments and hopefully avoid bankruptcy or loosing their home.
IVA advice is free of charge and available from a number of debt advice organisations operating in the UK today. An IVA is usually arranged over 5 years, and once complete any remaining debt can be written off. It can be an excellent means of financial recovery for people that are in over their heads. For people with debts in excess of £20,000, it is usually recommended that they seek IVA advice before it is too late.
The future economic prospects look gloomy. With large numbers of businesses in financial difficulty, or worse going under, the number of people seeking debt advice or IVA advice is likely to increase further.