Wednesday 2nd of March 2011
Adults in the UK may soon find they begin to ask IVA questions to help them get to grips with their finances, as it has been claimed that it is often difficult for people to sort through money issues themselves.
Kim Stephenson, financial psychologist and creator of Taming the Pound, said dealing with debts can be particularly troublesome if a person is being dishonest.
The expert noted: "Sorting out debt and bills is very tricky if one or more of you are lying about what the debts are."
He observed it can be tough for a person to get organised if he or she does not know what the debts and bills actually are.
Many people at the other end of the scale, however, are trying to live on shoestring budgets for a family of four, Mr Stephenson added.
The 19th annual Tax Report by unbiased.co.uk recently revealed individuals in Britain hand £13.5 billion to the taxman in unnecessary payments.
- 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
- 2% mortgage rate increase 'could cause debt worries'
