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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Know your options
Article Category: IVA (Individual Voluntary Arrangement) Help and AdviceBorrowers swimming against a rising tide of debt should study all their options before jumping on one particular financial life raft, according to a debt help organisation.
Debt Help UK says that it is "incredibly important" that debtors should be aware of all debt solutions that are open to them.
These could include a
Debt Management Plan (DMP), which is an informal arrangement whereby all unsecured creditors agree a repayment plan or an Individual Voluntary Arrangement (IVA) which is a more formal agreement.
Debt consolidation, one manageable loan, taken out to amalgamate other borrowings at higher rates of interest, is also an option.
Iain Wrenshall, of
Debt Help UK, continuing with the theme of keeping options open, said that "it can make the difference between finding a solution and having a solution thrust upon you".
He added: "As your situation degrades, then your options generally become narrower and, ultimately, your creditors have the sanction to make that choice for you."
Therefore, he went on to say, it was important "that people do not bury their heads in the sand" and look for free advice which is readily available.
For more information about IVAs call our advisors on 08000 122 188 for FREE, no obligation help and advice. Created on 14/01/2008 14:35:27
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