Saturday 29th of January 2011
People having serious problems staying on top of their debts but are unsure whether an individual voluntary arrangement (IVA) is right for them may wish to ask IVA questions to get a better understanding of their personal predicament.
David Rodger, managing director of the Debt Advice Foundation, has claimed people who are unsure about their monetary standing should seek guidance because their position is unique to them.
The expert noted: "No two circumstances are the same so it's important for people to get the advice that is right for them."
He added the last five years have seen many people growing old with considerable debts looming over their heads.
This is because the first generation of credit card users are nearing pension age, Mr Rodger added.
Recent research carried out by Prudential found a fifth of those due to retire in 2011 will be deep in debt buy the time they come to ending their working life.
By Chris King
- 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
- Price rises 'making financial survival difficult'
