Thousands of Britons could have their debts written off or monthly repayments slashed after the government told insolvency advisers to consider the impact of the cost of living crisis on people’s ability to keep up with repayments.
The Insolvency Service has issued new guidance on the oversight of individual voluntary arrangements (IVAs), repayment plans agreed with creditors that enable problem debts to be repaid over an agreed length of time.
