Financial news categories
Financial news archive
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
People with debts 'should consider SIVAs'
02 May 2008
Financial strugglers have been told to investigate the government's proposed new Simple Individual Voluntary Arrangements (SIVAs) as a way of alleviating their troubles.
With the credit crunch likely to double the number of people succumbing to debt this year, wealth management company ADDIDI claims the proposed SIVAs are preferable to bankruptcy.
Anna Sofat, founder of ADDIDI, said: "It is a better option than declaring yourself bankrupt, because you retain an element of control. Some of the debt is written off, and some of it you agree to repay."
To be introduced on October 1st, SIVAs are available for people with debts under £30, 000 and those with debts between £30,000 and £75,000.
People with debts are urged not to rush into SIVAs because of the negative affect it can have on credit ratings.
A report by debt management company TDX Group estimated that around one million people have an average unsecured debt of £25,000 pounds contributing to the total UK consumer debt of £1.4 trillion.
