Press Release 04/01/08
NARROWING OPTIONS TO CONSOLIDATE DEBT AS LENDERS SHUT DOORS ON MORE BORROWERS - INSOLVENCY FIGURES SET TO CLIMB, PREDICTS IVA.COM
- Debt consolidation becoming more difficult
- Insolvency figures likely to rise as the result
- Next port of call could be an IVA
BORROWERS planning to tackle their monthly interest burden with a debt consolidation loan in 2008 could find themselves left out in the cold as lenders turn them away in light of the unrelenting credit squeeze, says IVA comparison site IVA.com.
And with nowhere else to turn for help, many people could find they have no other option but to go into insolvency, believes IVA.com director Terry Balfour.
“Paying interest to several lenders on credit cards, store cards and loans is incredibly expensive so consolidating the debt into one loan is a good move – but the lending and spending boom is coming to an end and this is no longer the easy option.
“For consumers who are this far in debt, hitting the brick wall of bankruptcy could seem unavoidable,” he adds. “But this grim prospect isn’t necessarily the only way out – settling their debts with an IVA causes less damage to future credit rating and employment prospects and is less of a social stigma.”
Although IVAs don’t suit everybody’s situation, they are useful vehicles for those with some disposable monthly income – at least £180 - and a willingness to pay the creditors.
“Because everyone is different and not all borrowers are eligible for an IVA they should seek professional advice on what’s most suitable for them,” added Balfour.
“Our website with its vast array of debt counselling firms should be the first port of call for those looking for advice – all firms are reviewed by their clients so newcomers to IVA.com can choose a company that knows what it is doing and can successfully act on their behalf.”
– Ends –
General enquiries: 0800 324 7011 / www.iva.com
Press enquiries:
Terry Balfour, Director
0800 324 7011
IVA.com
Terry.balfour@iva.com
Lucie Ager, Consultant
01273 774109 / 07796 878263
David Andrews Media Ltd
lucie@davidandrewsmedia.co.uk
David Andrews, Senior Consultant - Director
01273 774109 / 07941 255855
David Andrews Media Ltd
david@davidandrewsmedia.co.uk
Editor's notes
Founded by its managing director Terry Balfour in 2007, IVA.com is the first IVA comparison website in the UK. It is a free interactive online service for consumers looking for an IVA firm most suitable to their needs. Its database has over 1,000 UK-based IVA firms and insolvency practitioners (IPs). IVA.com brings transparency to the market by employing its unique rating system based on the real experiences of IVA customers. There are over 500 reviews and many more ratings that provide people with details of how IVA firms are performing.
IVA.com enables smaller firms to compete more effectively with the larger IVA factories.
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