Friday 10th of September 2010
Individual voluntary arrangement (IVA) answers might offer priceless information to people who find it difficult to curb their spending and have ended up in a precarious financial situation as a result.
According to comments from one industry professional, Britons who are spending beyond their means need to do something about it before their problems escalate out of control.
George Ladds, head of investment and pension research at Fair Investment Company, recently responded to figures from Schroder's that showed 31 per cent of UK adults have had to dip into their savings to supplement their income.
Answers on IVAs may, however, benefit those of you who have amassed serious levels of unsecured debt by splashing the cash and don't have a nest egg on which to draw.
The measure cuts the money you owe on credit cards and personal loads - if it's worth more than £15,000 - over a period of around five years and could teach you the discipline required to stay out of the red once and for all.
Mr Ladds added: "The trouble is, we live in a buy now pay later society where a whole generation of people think they should be able to have whatever they want, even if they can't afford it."
By Rachel Powell
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- 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
- IVAs could help credit-crazed consumers
