IVA | Debt Article

IVA UK debt management on the rise in the UK

The number of customers who are taking advantage of, or making enquiries about IVA UK debt management has risen in the United Kingdom over the last six months, as the cost of living continues to increase.

News that inflation has now hit 5.2% was revealed this morning, and the rising cost of living shows little sign of slowing down in the immediate future. Customers have been hit hardest by rising energy prices, with many customers having to put off turning on their heating well into October just to keep their heads above water.
Now that the Indian summer has ended, heating systems across the country will be needed, and those already in debt will start to faller further and further into debt as it becomes impossible to balance repaying existing loans with rising energy bills.

Customers who are more than £15,000 can take advantage of IVA UK debt management, which sees their creditors freeze their interest rates at 0%, and allows them to make affordable monthly payments over a five year period. Any debt not paid off after five years will be wiped clear, giving the customer a fresh start.

The IVA UK debt management scheme, which is government approved has been popular, and many customers see it as their only realistic alternative to bankruptcy. Those who own homes can also keep their homes with IVA UK debt management, which they cannot when they are declared bankrupt, which gives the scheme an added benefit for homeowners.