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Latest News
<< Most Recent Articles
Borrowers 'should consider choices before opting for IVAs'
People struggling with debt should consider all their options before taking out an individual voluntary arrangement (IVA), it has been advised.
According to David Kuo, head of personal finance at Fool.co.uk, as a result of the current economic climate, many people will be looking at IVAs as a solution to their debt problems.
However, Mr Kuo suggested thinking very carefully about this option as it may not be the best solution for the individual.
"I think that IVAs work in favour of the creditors rather than the person who is taking out the IVA," he said.
"In some cases it will work, in other cases I think it is much better for the people to declare bankruptcy in the very beginning," he added.
Another way to manage debt may be to take out a consolidation loan to condense all outgoings into a manageable monthly amount.
Eight out of ten people in the UK are worried about their debts, according to a recent Co-operative Financial Services poll.
See how much you could save with a consolidation loan from Lombard Direct.
© Adfero Ltd
23/04/2008 10:35:29
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