Thursday 8th of April 2010
Asking questions on individual voluntary arrangements (IVAs) as soon as possible could be an important step in sorting out your finances before the unexpected occurs, which may knock you deeper into the red.
IVAs can help you remove the shackles of large unsecured debts and although they take time and effort, they can provide you with the peace of mind that should you fall seriously ill at any point, your bank balance won’t go under.
After all, Nick Kirwan, assistant director of health and protection insurance at the Association of British Insurers, believes the most important thing for people who are out of work as a result of illness "is getting back to good health without the financial pressures of [trying to] keep up the mortgage payments and fear of losing [the] home".
But would your partner be able to repay the money you owe on personal loans and credit cards and pay for the daily essentials with their salary alone, if you became critically sick and had to take a lengthy spell off work in the near future?
If the answer is no, you may benefit from seeking IVA answers now and make sure you’re ready for whatever life throws at you.
By Chris King
- 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 FAQs could offer info on planning for retirement
