IVA

According to new figures released by the Consumer Credit Counselling Service (CCCS), around 6,500 people have called its Self-Employed Centre for debt advice during the first eight months of the year alone

Further analysis of the figures revealed that a significant proportion of people included those with relatively low incomes such as hairdressers and taxi drivers, many of whom were struggling to pay their debts and were looking for debt solutions such as IVA to help them out.

Some other disturbing facts have also come to light with one being that some of the self-employed workers are in such serious debt that they are unable to even afford the fee for going bankrupt.

Commenting on the problem, Geoff Waugh, the head of the CCCS Self Employed Centre said that such a demographic is now struggling financially because more people are doing things such as cutting hair and travelling between destinations on their own rather than paying others to do these tasks for them.

Those in debt need to understand that declaring bankruptcy is not the only way out and there are several debt solutions like IVA and Debt Management Plans they can consider to deal with their situation. Those in debt can seek free debt advice to understand the various options available.

If  you are in debt and would like to seek debt advice, contact us on phone: 0800 1164 923. We provide free initial advice and suggest the best debt solution according to your financial situation.