Monday 21st of December 2009
If you really could do with an increase in your wage next year to help you meet your unsecured debt commitments then maybe you should instead research how an individual voluntary arrangement (IVA) could help you dig yourself out of the red.
The Confederation of British Industry (CBI) claims that in spring, wage freezes and job losses could be coming your way. Seeing another year of set pay and the potential for you to become unemployed could have brought home the importance of financial security.
You may have never decided to address your growing debt before now and so you could have a few questions on IVAs.
An IVA can merge unsecured debts - such as personal loans and credit cards - and freeze the interest, which could prove useful if your wage is also at a standstill.
IVAs can therefore make your debt repayments more manageable and you will only make one payment each month.
The CBI also asserts that job losses will continue to rise until autumn, so you might want to clear your unsecured debt as soon as possible.
John Cridland, CBI deputy director-general, states: "The economy will be on a fragile path of very slow growth, as we continue to feel the lasting effects of the financial crisis."
By Ashley Littley
- 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
- Could an IVA keep you in your home for 2010?
