Monday 3rd of August 2009
Britons who are concerned about a potential drop in household income should seek debt advice sooner rather than later, it has been said, which could include requesting information about individual voluntary arrangements (IVAs).
Independent charity the Money Advice Trust said people should anticipate problems such as being made redundant and discover the steps they could take to make sure their financial commitments continue to be met.
Beccy Wilks, spokesperson for the charity, said although one option is to take out an IVA, debt advice can also suggest other ways that monetary problems can be addressed.
She made the comments in light of the latest debt figures from Credit Action, which revealed that one in 33 people are expected to become unemployed this year.
Furthermore, an average of 3,300 individuals are made redundant every day.
One advantage of an IVA which could help cash-strapped Britons is that debt owed to various creditors is reduced into one monthly manageable payment, which could take some of the burden off struggling households.
By Kimberley Parsons
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- Need for IVA advice could rise as nearly 1m go into negative equity
