Tuesday 19th of October 2010
Seeking individual voluntary arrangement (IVA) FAQs may be of use to individuals who have fallen into financial difficulty as a result of credit cards or bank charges.
Consumer minister Edward Davey and financial secretary to the treasury Mark Hoban have called for research into the deals individuals get when they apply for financial products to see if the public can improve how they borrow funds.
Among the issues the call for evidence will cover a number of commitments made by the coalition government, including taking unfair banking charges, giving new applicants for store cards a seven-day cooling off period and enabling a regulator to put a cap on store and credit card interest rates.
And Mr Davey said an examination of current debt remedies should also take place.
Those who are already in debt as a result of over-reliance on credit might want to consider an IVA, which can help them clear what they owe in five years, providing the amount is at least £15,000 and borrowed from three or more creditors.
Posted by Chris King
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