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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

IVAs `good to get out of tricky situations`

25/04/2008

Entering into an Individual Voluntary Arrangement (IVA) is often a good way to get out of a tricky financial situation, according to an industry expert.

When consumers have debt problems and associated bad credit issues, it can be hard to get out of the situation without consulting professional debt advice, Johns Tiel stated.

Writing for Best Syndication, the financial expert said that bad credit debt consolidation loans may be on offer for those who are struggling to keep up with the repayment of bills.

He added: "There is no definite logic on how and where bad credit can crop up. The only thing that matters is that it adversely affects the financial standing throwing the individual in to an indefinite financial crisis."

According to figures from the Insolvency Service, 106,645 people applied for bankruptcy or an IVA during 2007.

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