Tuesday 20th of April 2010
Asking individual voluntary arrangement (IVA) questions could benefit Brits of working age who are feeling the pressure of rising inflation and large debts.
Figures from the Office for National Statistics show the Consumer Prices Index was three per higher last month compared to February.
And according to the Alliance Trust Research Centre, it’s people aged between 50 and 64 who face the highest rate of inflation - 4.8 per cent.
IVAs, however, could reduce the financial strain being felt by working-age adults in this country - if they have unsecured debts worth more than £15,000.
After all, high inflation rates are enough of a problem to overcome without the issue of feeling it’s impossible to chip away at money owed on credit cards and personal loans despite working hard all week.
IVAs freeze interest on unsecured debts, which could free up income for everyday goods, as well as merging different repayments into one, controllable monthly outlay.
And it could be worth asking IVA questions sooner rather than later, as, according to Shona Dobbie, head of the Alliance Trust Research Centre, "this situation, which has been of some concern to us for several months, now seems to be worsening".
By Mark Waterman
- 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 answers to help Brits avoid irresponsible lenders?
