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Consultation on debt management launched Govt aid for those struggling with mortgages `too late for some` Pensions `no problem` for IVAs UK reaping what it has sown in terms of personal debt, expert claims Struggling consumers `likely to default on TV subscriptions` Consumers `struggling to cope with mounting debt` Bankruptcy increases by 7% `More Brits applying for personal loans` 70% of Brits `without unsecured loans` Pre-paid cards `more popular as debt rises` IVAs `a real alternative` to bankruptcy Brits `trying to escape credit crunch` by moving abroad West Sussex consumers suffering debt IVA agreements increase Industry body welcomes IVA mailing probe OFT to target bogus IVA companies IVAs can be "helpful" for large debts IVAs - consumers warned about bogus deals Insolvency rates rising IVAs can be "better option" than bankruptcy

IVA `saved businessman`s house`

21/04/2008

Choosing to enter an Individual Voluntary Arrangement (IVA) saved a businessman from losing his house when debt problems grew too much for him, according to a report.

A Blackpool-based entrepreneur was given just two weeks` notice before one of his franchises was terminated.

After consulting professional debt advice, he formulated an IVA to take to his creditors which ultimately saved his house, the Blackpool Gazette reports.

The man - who wanted to remain anonymous - said of the debt advice he received: "Their negotiating skills gave us great confidence in saving our property.

"We are now happily out of the IVA with our self-esteem intact. That`s what they do. They sort the problem out."

An IVA is an agreement between the debtor and their creditors, in which a portion of the debt is agreed to be paid over a five-year period. After that period has elapsed, the debt is written off.

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