government legislation

Hi, I sometimes receive emails about government legislation that can reduce my debt by 70%. Is there any truth too it...??

Comments

  • Very short answer no, they are trying to get you to enter an IVA.


    If you have debt problems then contact one of the charities who will talk you though your options and most importantly will not charge you.
    If you go down to the woods today you better not go alone.
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
    Hello there,

    As Grumplestiltskin mentions, it's very likely that they are talking about an Individual Voluntary Arrangement. These are possible as they are a scheme that is underpinned by the Insolvency Act - the same as Bankruptcy. I guess this is why some commercial firms try and sell IVAs as some sort of government-backed scheme.

    You can find out more about IVAs via our fact sheet, which you can find *here*

    Best wishes,

    David @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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