Monday 18th of January 2010
If you and your partner have large amounts of unsecured debt then it could mean you have put off starting a family until your finances are on a more stable ground, although getting some individual voluntary arrangement (IVA) questions answered could help your household coffers,
According to Shelter, 18 per cent of 18-44-year-olds have put off having kids because of high housing costs. This figure rises to almost a quarter for Britons aged between 18 and 34.
For a third of people, housing costs are expected to rein in their plans to start a family for another four years. If your personal loan and credit card debts appear to be never ending, then even four years may seem to be an unlikely goal.
An IVA can help you become debt-free in around five years. By freezing the interest rates on unsecured debt, your repayments could become more manageable.
IVAs also merge your different unsecured debt commitments into one, monthly, more controllable repayment.
"Whilst it is responsible to ensure that you can afford to support a new baby, it is completely unacceptable that housing costs are changing important life decisions like starting a family in such a significant way," says Kay Boycott, director of policy and campaigns at Shelter.
By Hayley Jones
- 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 may offer peace of mind to cash-strapped credit card customers
