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Woman looking forward after taking out an IVA
| A British woman who stacked up debts of more than £30,000 after her circumstances changed is feeling confident that she can recover after she entered an individual voluntary arrangement (IVA). |
Ms. C had to take two months off work from her job as a training manager in a call centre when she was diagnosed with cancer of the spine.
She had built up debts to help her two daughters get through university, but until her illness and drop in income she was able to keep up with her repayments.
However, when she began to struggle she took out more credit cards and loans to pay off previous debts, however this meant her overall debt continued to grow.
She thought about declaring herself bankrupt, but decided that an IVA could better help her to try and gradually recover from her debt problems, as she was able to return to work and get a fixed monthly income.
Ms. C told a national newspaper: "The IVA is manageable on my income and it feels as if a huge weight has been lifted. Eight months ago I was in a desperate situation. Now, things feel much different."
Whereas bankruptcy can leave a stain on your credit details for a number of years, an IVA can reduce monthly debt repayments and help you make a steady recovery.
Taking out an IVA has helped a woman who built up huge debts following a major illness get back on her feet.
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