Monday 20th of December 2010
People in Britain who review their finances as part of their New Year resolutions may find they need to ask individual voluntary arrangement (IVA) questions to find their right course of action.
This is because head of banking at moneysupermarket.com Kevin Mountford noted the beginning of the calendar year is a great time for UK adults to sit down and work out their monetary situation.
And it could be that those who find themselves deep in the red require IVA answers before deciding on which path to take.
Mr Mountford observed it is particularly crucial to review finances this year, as it is a "time when we are all feeling the pinch on our wallets, especially with the increase in VAT from January 1st".
Creative director at Dallas Matthews Chris Jenkins recently warned a hike in interest rates would result in a number of homeowners being placed under additional financial strain.
By Neil Burton
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Mortgage lenders charging "extortionate" rates
