Tuesday 3rd of August 2010
Individual voluntary arrangement (IVA) questions might help UK adults gain a large amount of information on how they can shore up their finances and protect themselves against job losses that may happen in the future.
According to the latest debt statistics from Credit Action, 1,753 people in Britain were made redundant every day in the three months leading to the end of May.
In addition, 164 young people have ended up out of education, employment or training in the same period of time.
Questions on IVAs may, though, show those of you who owe serious amounts of cash on unsecured financial products that you have the chance to erase your debt and start afresh.
The measure freezes the interest on all of your various repayments to creditors, which could give you more control over your finances.
And once complete, you could find your bank balance is sufficiently stable to withstand an unexpected job loss further down the line.
By Kimberley Parsons
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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 answers might help you stop money troubles spiralling out of control
