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Iva could help Peggy out of strife

25/10/2007

A storyline in one of the UK`s most popular soaps may have recently struck a chord with consumers currently experiencing debt problems.

In EastEnders, Peggy Mitchell - played by Barbara Windsor - has found herself £40,000 in debt and with no clue what to do about it.

R3, the Association of Business Recovery Professionals, has said that such problems are not confined to soaps and that it sees many similar problems every day. For consumers in a similar situation, R3 suggests that an individual voluntary arrangement (Iva) would help solve the debt problem.

Peter Sargant, R3 council member, said: "The worst thing you can do in this situation is ignore the problem and hope it goes away. It never does. The longer you leave it, the worse it gets."

An Iva is a formal agreement between a debtor and their creditors in which an arrangement is made to pay back a percentage of what is owed over five years. After five years, the debt is written off.

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