18 June 2010
Just half (51%) of people struggling with debt are aware of IVAs (Individual Voluntary Arrangements), according to a report from insolvency trade body R3.
By comparison, 80% are aware of bankruptcy, although only 41% are aware of debt management plans and just 14% have heard of a Debt Relief Order (DRO).
The R3 report added that many people "do not feel [their] problem is big enough to warrant help", perhaps "due to the impression that bankruptcy is the main option available".
A debt expert at Think Money said: "R3`s report really highlights the fact that many people simply aren`t aware of the wide range of options for people in debt. It also suggests that people are unsure at which point they should seek help.
"We urge anyone worried about their debts to explore all their options with an expert debt adviser. Bankruptcy is definitely not the only option, although it can be the right choice for many people."
Answer a few simple questions and we'll give you an instant recommendation on your best way out of debt.
Your privacy is important to us. All correspondence is held in the strictest of confidence and we will only request information required to find your best debt solution.Tags: debt, iva, aware of iva
Many tax debts to be written off 9 September 2010
US: national student loan debt higher than credit card debt 9 September 2010
Over-55s weighed down by large debts 8 September 2010
Advice on mortgage debt - before the rise comes... 7 September 2010
Half of Britons would accept higher tax to repay debt 6 September 2010
Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider.
Call our freephone number for expert advice
Think Money Limited © 2010. All rights reserved. Pennington House, Carolina Way, South Langworthy Road, Salford Quays M50 2ZY. Company Reg No: 04926097. Registered in England and Wales.