Thursday 3rd of June 2010
Individual voluntary arrangement (IVA) answers could come at exactly the right time for cash-strapped families who are experiencing money troubles.
And, according to figures from Credit Action, that could be millions of us.
The statistics show that the average household debt, including mortgages, stood at £57,915 in April.
IVAs, therefore, may make a big difference if you’re desperately seeking a way to get rid of your debt.
They are only available to those employed who have £15,000 outstanding on unsecured financial products.
But if juggling a home loan and debts on the likes of credit cards and personal loans is causing you a headache, they could provide some much-needed support.
Answers on IVAs might show you how the form of insolvency cuts down money owed by merging debts into one, reduced-rate monthly payment, freezing interest on the outlay at the same time.
And they could also demonstrate that it is in fact possible to get yourself into the black, albeit with a lot of effort, discipline and good money management.
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
- Have your grandchildren taken a toll on your finances?
