Clear Start says, `Make a Fresh Start with an IVA`
Released on = February 15, 2006, 3:55 am
Press Release Author = Clear Start
Industry = Financial
Press Release Summary = Personal debt in the UK is escalating at an alarming rate. However, there is hope in the form of the government introduced IVA.
Press Release Body = The escalation of personal debt in the UK is very worrying. According to official statistics, UK households have an average debt of £4,092 whilst total personal debt was valued at £168 billion at the end of 2005.
Clear Start, the UK Consumer Debt Service says that although these figures are concerning there is cause for hope in the form of an IVA.
The IVA was introduced by the government as an alternative to bankruptcy which would provide an attractive way for people to repay their debts.
With an IVA, debtors make monthly payments based on what they can actually afford over a five year period. It is not uncommon for a debtor to pay as little as £200 a month into an IVA. After five years, the debt is deemed to have been cleared. This happens even if the creditors end up getting less than 30% of their debts repaid.
As a result, there is now a viable way of re-paying debts and making a fresh start without incurring the stigmas and disadvantages associated with bankruptcy.
2022
