Article: Individual Voluntary Arrangements (IVA): The New Debt Solution?
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Individual Voluntary Arrangements (IVA): The New Debt Solution?
The UK is facing a debt crisis fuelled by over spending and over borrowing. In June of this year personal debt in the UK broke through the £1.1 trillion barrier and Britain?s personal debt is reported to be rising by £1 million every 4 minutes.
The rise in the number of people seeking to set up Individual Voluntary Arrangements (IVA), the government?s much touted alternative to bankruptcy, demonstrates both the extent of the problem and the perceived advantages of this new debt solution. But is the Individual Voluntary Arrangement (IVA) really all it?s cracked up to be?
Until very recently when people were overwhelmed by debt, bankruptcy was the only solution. However, the introduction of the Individual Voluntary Arrangement (IVA) by the government has created...
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