UK Money News
2nd May 2008
'Consult professional advice before taking out an IVA', warns wealth manager
Consumers facing debt problems should think very carefully before taking out an individual voluntary arrangement (IVA), according to a financial planning and wealth management service.
New figures released today by the Insolvency Service revealed that the number of people taking out an IVA stood at 9,614 individual voluntary arrangements (IVAs) - an increase of 4.3 per cent.
However, although the stigma once attached to bankruptcy is now much reduced, its is imperative than professional financial advice is sought before taking out an IVA, according to Anna Sofa, founder of ADDIDI Wealth.
She said: "I would not advocate anybody to take that route lightly because you have consequences for your credit history."
Ms Sofa did, however, concede that opting for an IVA is preferable to declaring yourself bankrupt "because "you retain an element of control".
The number of people seeking IVAs is expected to soar this year as lenders becoming increasing selective over to whom they loan as the credit crunch worsens.
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