Fool.co.uk claims that an IVA, a bankruptcy alternative that allows people to settle their debts without as much damage to their credit rating, can work more in favour of the creditor than the customer
A survey conducted by Citizen's Advice shows record numbers of people are seeking debt advice, and information released by Co-operative Financial Services reveals the average Britain spends two years of their life worrying about debt.
David Kuo, head of personal finance at Fool.co.uk, said: "I think these people should think very carefully before going down the IVA route because it isn’t always the best solution for them."
In related news, research by IVA.co.uk claims the level of financial education in Britain is inadequate, with 75 per cent of people claiming to have had none at school.
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Date: 20th, April, 2008
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