London (PRWEB) July 24, 2007
Debt Free Direct launch the definitive online guide to IVA's.
For the tens of thousands of people in the UK who are in the process of proposing an IVA or are in an IVA there is now a new online IVA resource that answers most of the questions Debt Free Direct get asked.
IVA stands for Individual Voluntary Arrangement and is a formal arrangement between you, the individual, and your creditors i.e. the people you owe money to, to pay back a percentage of your debt over what is normally 5 years. After which point you become debt free.
The key benefit of an IVA is that the letters and calls from creditors chasing missed and late payments stop, you'll not get any unwelcome knows at your door from bailiffs and more importantly, your home is protected as long as you keep up repayments.
Government statistics showed that during the first quarter of the 2007 personal insolvencies grew to 30,075, which is 23.9% more than the same period last year. Of this total, 16,842 people went bankrupt, while 13,233 entered into an IVA.
Debt Free Direct are the UK's largest IVA provider with more IVA running than any debt specialist. Their advice is based on their 'Best Advice' model, an independently audited system of establish which debt solution is best suited to the individual as opposed to the company offering the advice.