Monday 20th of April 2009
The need for IVA help in the UK could be set to increase, as research has found that many people are concerned about being able to keep up repayments on debt.
According to PricewaterhouseCoopers (PwC), 30 per cent of borrowers are not certain that they can afford to continue paying back what they owe at current levels.
Such a situation could lead consumers to cut back repayments, with interest charges mounting as a result.
However, those who are struggling to pay off their debt may be able to enter into an IVA, which would establish an affordable plan to repay creditors.
Other findings by PwC included the fact that people between the ages of 25 and 34 are the least likely to have changed their attitudes towards debt as a result of the recession.
Vicky Redwood, UK economist at Capital Economics, recently suggested that banks will become increasingly less willing to lend, which could affect those who are planning to consolidate their debts.
- 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
- Can't stop using your credit card? IVA answers may offer support
