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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Extremely high debts can be addressed with an IVA

19/08/2009

As highlighted by a recent story in the News of the World, IVAs (Individual Voluntary Arrangements) can be suitable even for people struggling with extremely high levels of debt.

In an interview with the paper, actor Neil Morrissey revealed that after the collapse of `his dream of owning a luxury chain of hotels`, he was left with debts totalling £2.5mn.

When his business partner went bankrupt, Mr Morrissey decided instead to enter an IVA, stressing his determination to `work all hours` to pay off his debts.

Mr Morrissey said: "No one is untouchable. This can happen to anyone. You can be doing very well one day, and on the streets the next. These things creep up on you. All of a sudden it manifests itself."

A spokesperson for Debt Advisers Direct commented: "It is always important that people are careful with their money, but during an economic downturn this is particularly true. Examples such as these show that anyone`s circumstances can change - and if they do, debts can easily spiral out of control."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according