Sunday 25th of July 2010
Individual voluntary arrangement (IVA) questions may be a sensible way for struggling Britons who want to rein in their spending start to get their finances in shape.
Recent figures from IMRG/Capgemini show UK individuals spent one-fifth more money online in June than the month before.
Some £4.4 billion was shelled out during the period of time - the equivalent of £72 for everyone in Britain.
IVA questions could, however, show those of you who’ve continued amassing unsecured debts by spending big on credit cards over the years that there is a way to get out of the red.
Although an IVA takes around five years and serious discipline to complete, the method of insolvency may offer you a fresh start by merging your debt repayments into one reduced-rate, manageable outlay.
And the measure might also demonstrate the importance of keeping control of your finances in future.
"Buying online is a quick and easy way of getting summer clothing without having to spend time traipsing around the shops," says Sarah Peters, retail analyst for Verdict.
- 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 advice could be right for debt-ravaged Britons suffering in bed
