Thursday 31st of December 2009
If you are sick of worrying about your climbing credit and store card bills then you may have decided 2010 is the year you sort your finances out and one way this could be done is through an individual voluntary arrangement (IVA).
A new survey by Gocompare.com shows that last year, 60 per cent of you vowed to sort out your finances in 2009, as well as repay your debt.
But just 37 per cent of Britons claim they will put their debt and finances to the top of their priority list in 2010. However, not repaying debt now could mean your interest rates simply build up until they are completely uncontrollable.
An IVA could answer this problem by freezing interest rates on unsecured debt such as credit and store cards, giving you a bit of support in meeting repayments.
IVAs also merge your different store and credit card balances into one, monthly, more manageable repayment, which should make clearing your debt a more attainable goal for 2010.
Lee Griffin, business development director at Gocompare.com, says: "I doubt very much that everybody has got their finances in order, so resolving to cut outgoings and shop around more are still likely to be good resolutions this year too."
By Kim Parsons
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA help could allow you to wake up to your financial problems
