Given the state of the international finance sector right now, and all the difficulties people are facing as a result of bad debt and bad advice, it’s no surprise that that there are a raft of companies seeking to make money from other peoples money worries.
Here in the UK, you cannot watch the TV for more than 15 minutes without seeing an advert for yet another ‘debt-consolidation’ company, full of famous faces, or slick half-truths and over-generous promises. The recent hot topic for these people is IVA, or Individual Voluntary Arrangements, whereby the ads paint a picture where something like 75% of your debts are wiped out at a stroke, and you can pay your remaining creditors back at a very low rate. These ads are often accompanied by shots of a depressed family in poor clothes and under grey skies before the IVA, and after it they are happy & smiling with a new car on the drive, a fabulous house extension and loads of new consumer goods. The reality is often quite different, as although an IVA can be a good solution, it is not a magic wand to go spending all over again.
But how do you find out the truth? Given that the IVA is effectively a product to be marketed in different ways, and that the company marketing it to you will be making money out of it, how do you find an organisation you can trust? Well a good way to do it would be to talk to a non-profit organisation that can provide you with all the free information you need: Myvesta UK Individual Voluntary Arrangement (IVA). If you want free advice from a UK social enterprise, who will not make a penny from you whatever they advise, then try talking to Myvesta. Their website has a ton of useful information on it, along with a freefone number where you can chat anonymously to a trained adviser. Along with some audio and visual presentations, they also have some forums where you can chat to people in a similar situation. In a diffcult financial position, this could be just the source of information you need.
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