Monday 20th of December 2010
Individuals who are concerned about their debts building up to an unmanageable amount may want to ask individual voluntary arrangement (IVA) questions before slow economic recovery adds to their financial fears.
The Confederation of British Industry (CBI) has forecast the UK economy will continue to pick up at a very sluggish rate throughout 2011, due in no small part to the introduction of higher VAT and the adverse affect this is expected to have on consumer spending.
CBI chief economic adviser Ian McCafferty said: "The big early kicker to growth from the turn in the inventory cycle has already passed and we are now starting to feel the impact of lower government spending."
IVA questions may therefore be on the lips of those who are currently deep in the red and are expecting a tough year ahead.
Managing director of Debt Advice Foundation David Rodger recently claimed an increasing number of adults in the UK will face unmanageable debt once the impending tax rise results in more redundancies.
By Hayley Jones
