Released on: October 26, 2007, 5:57 am

Press Release Author: Debt Advisers Direct

Industry: Financial

Press Release Summary: Different debt problems require different solutions, say Debt
Advisers Direct

Press Release Body: Different debt problems require different solutions, say Debt
Advisers Direct



With personal debt soaring to record heights, more and more people are doubting
they\'ll ever pay off what they owe. After last year saw over 110,000 personal
insolvencies, accountants KPMG predict a figure of 120,000 for 2007.



Not long ago, some experts were expecting this to be the first year in which
Individual Voluntary Arrangements (IVAs) outnumber bankruptcies, but recent figures
from The Insolvency Service show that the number of IVAs being entered into is
currently dropping. For people whose only alternative would be bankruptcy, this
could be a worrying trend.



There\'s no doubt that an IVA can be good for everyone involved. People who owe money
benefit from a partial write-off and a very real \'light at the end of the tunnel\',
as they know exactly how much they\'ll pay and exactly when they\'ll be debt free.
Their creditors can expect five years of regular monthly payments, which must amount
to more than they would recover through a bankruptcy.



Yet an IVA is not always the solution. \"Many people simply aren\'t eligible,\" says a
spokesperson for Debt Advisers
Direct, \"as IVAs are only available to those with significant debt who can\'t
afford to pay it in a reasonable period of time. Although British consumers spent
£321 billion on debit, credit and store cards last year (according to the UK
payments association APACS), the average person\'s unsecured debt is still far below
the £15,000 minimum an IVA usually requires.\"



\"Also, many people would be much better served by other debt solutions, such as
remortgaging, href=\"http://www.debtadvisersdirect.co.uk/debt-consolidation.asp\">debt
consolidation or a debt management programme. We would urge anyone considering
an IVA to contact a company that offers impartial advice as well as experience.\"



As part of the Think Money Group, Debt
Advisers Direct were one of the first companies to offer free debt advice to
people throughout the UK. \"We have been helping people in financial difficulties
since 1993, and today we offer a wide range of financial solutions that includes href=\"http://www.debtadvisersdirect.co.uk/debt-consolidation.asp\">debt
consolidation, debt management, remortgages and managed bank accounts - as well
as IVAs.\"



\"For many people in debt, an IVA is undoubtedly the best way to start afresh, but
everyone\'s situation is different, so there is no universal \'best\' solution. The key
thing is to explore your options carefully before signing up to anything.\"



Web Site: http://www.debtadvisersdirect.co.uk

Contact Details: Debt Advisers Direct PR contact
Melanie Taylor
Think Money - Debt Advisers Direct
Pennington House
Carolina Way
Manchester
M50 2ZY
0845 056 6480
http://www.debtadvisersdirect.co.uk/

Own details:
enquiries@debtadvisersdirect.co.uk