Sunday 2nd of May 2010
An individual voluntary arrangement (IVA) may be a wise option for the thousands of Britons who are still struggling with large levels of debt.
The Consumer Credit Counselling Service (CCCS) states some 93,000 people called for help with their debts in the first three months of 2010.
If you’re struggling to pay off the money you owe on credit cards and personal loans and feel like there’s nothing you can do to get out of the red, it could be a good time to ask IVA questions.
IVAs are available for you if you’re employed and have secured debts that amount to more than £15,000.
And they could offer you the chance of regaining a grip on your spiralling finances by freezing interest on the money you owe and merging all your repayments into one, controllable monthly outlay.
CCCS external affairs director Delroy Corinaldi says: "The UK’s personal debt pain continues and this is even before the imminent public spending cuts."
By Ashley Littley
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