Loan

Government Debt Advice – The Truth Behind The Adverts

Here’s a word of warning for anyone experiencing financial difficulties; do not make the mistake of believing everything you read in online debt ads.  The problem is that no one government department has ever taken ownership of consumer debt and as a result the regulation of its activities and advertising lags way behind other industries.  Examples of misleading advertising are references to Government debt advice or Government debt solutions; which many commercial debt organisations use to mislead you into believing that they are affiliated with the Government to give them credibility.  What these organisations are usually referring to is something called an Individual Voluntary Arrangement (IVA), which is one specific type of debt solution that may or may not be appropriate solution for your circumstances.  The government part simply means that the solution is a statutory instrument ratified by an Act of Parliament.

The IVA was introduced into the Uk in 1986, initially targeting small struggling businesses as an alternative to bankruptcy.  Around ten years ago however, IVAs started to be used to cover personal unsecured debts as well.  It is a binding agreement between you and the people you owe money to.  You pay back what you can afford each month over a 5 year period and in return, your creditors will freeze interest and agree to write off any debt still outstanding at the end of the 5 years.  As a general rule, you must have over £15,000 of debt to enter an IVA.  IVAs aren’t for everyone and you must be sure you can keep up with the proposed monthly repayments for the full five years or your IVA is likely to fail and you’ll be back to square one with Bankruptcy as your only realistic option.

IVAs can be very effective for some people, however, it’s important that you get impartial advice on your situation before entering into one as there may be a better solution for you.  It is recommended you talk to a not-for-profit charity, who will be able to take you through all of the options available to you and recommend the most appropriate one for your situation.  Charities such as the National Debt Helpline (0808 808 4000), Debt Advice Foundation (0800 043 40 50) or CCCS (0800 138 1111) all offer free and impartial advice.

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