Tuesday 2nd of November 2010
Individual voluntary arrangement (IVA) questions could be asked by Brits struggling to save money away to save for their future because they cannot manage their debts.
Jonathan Davis, economist and wealth manager at Jonathan Davis Wealth Management, said a culture of borrowing has led to individuals underestimating the importance of putting finance to one side for the future.
"It's been less about saving and more about managing debt – which of course has not been managed," he added.
Mr Davis noted relying on property as a safeguard against money worries in years to come is a financially risky strategy for individuals to take.
IVA questions could be asked by homeowners owing arrears to three or more creditors to a value of over £15,000 in an attempt to clean their economic slate and start saving for the future.
A course typically takes five years to complete and requires a commitment from those that choose it, but by the end of the repayments a household should be free of their financial burden.
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