Thursday 23rd of September 2010
Individual voluntary arrangement (IVA) FAQs might be a useful source of information for people who care for sick or injured relatives but are desperately struggling to get by.
The Press Association reports new research from the Princess Royal Trust for Carers shows some 59 per cent of guardians have given up work to tend to the needs of their dependents, with 60 per cent saying they have to spend all their savings supporting the person they care for.
In addition, close to two-thirds of carers have borrowed money from family and friends to help with their everyday costs, with ten per cent relying on high-interest loans.
IVA FAQs could, however, show those in a similar situation that there is a way to erase their unsecured debts - as long as the amount they owe is more than £15,000 and they have the means and discipline to meet the reduced-rate monthly repayments.
The method of insolvency requires the individual to be in full-time employment, so may only be available for those who have returned to work. But it could make a huge difference in freeing up income to put towards something other than debt repayments.
By Rachel Powell
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- 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 advice could be way to tackle high interest payments
