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Iva could help Peggy out of strife

25/10/2007

A storyline in one of the UK`s most popular soaps may have recently struck a chord with consumers currently experiencing debt problems.

In EastEnders, Peggy Mitchell - played by Barbara Windsor - has found herself £40,000 in debt and with no clue what to do about it.

R3, the Association of Business Recovery Professionals, has said that such problems are not confined to soaps and that it sees many similar problems every day. For consumers in a similar situation, R3 suggests that an individual voluntary arrangement (Iva) would help solve the debt problem.

Peter Sargant, R3 council member, said: "The worst thing you can do in this situation is ignore the problem and hope it goes away. It never does. The longer you leave it, the worse it gets."

An Iva is a formal agreement between a debtor and their creditors in which an arrangement is made to pay back a percentage of what is owed over five years. After five years, the debt is written off.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according