Tuesday 22nd of June 2010
Asking individual voluntary arrangement (IVA) questions might be a positive step for struggling Britons who have realised they urgently need to seek help with their debts.
David Rodger, managing director of the Debt Advice Foundation, states there are more and more people looking for advice on how to manage their money throughout the UK.
Questions on IVAs may, however, offer much-needed information to those of you who are finding it difficult to live with the burden of soaring unsecured debts.
That’s because the method of insolvency potentially gives people the chance to regain a grasp on their finances, by freezing the interest on all the cash they owe on credit cards and personal loans.
Mr Rodger adds more than 20 per cent of people who call his organisation looking for help are between the age of 25 and 34.
As IVAs are typically made up of 60 reduced-rate monthly repayments - meaning they require a lot of discipline over a prolonged period of time - it could be the measure is a wise option for younger people with money troubles.
Because you may find once you successfully complete your IVA, you have many years of adulthood ahead of you that aren’t marred by constant debt repayments.
By Rachel Powell
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