Thursday 3rd of June 2010
Britain’s borrowing habit continues to grow, with new figures showing a whopping £400 million rise in lending to UK individuals in April alone.
Information on individual voluntary arrangements (IVAs) could, therefore, offer support to a multitude of Brits struggling to get by without the help of loans.
According to the latest Credit Action debt statistics, total lending went up considerably in April, leaving the overall value of UK personal debt at more than what the whole country produces in a year - £1.46 billion.
Consequently, IVAs could help out those who are stuck in a cycle of borrowing, unable to get out of the red and worried about their financial future.
Although they may provide them with quick and easy cash, loans might push people deeper into a debt that they can’t erase.
IVA info, could, however, offer them everything they need to know about how to chip away at all that money owed on unsecured financial products without putting them at risk of possession, unlike bankruptcy.
However, the form of insolvency takes five years and a lot of hard work to complete, so those eligible must think carefully about whether they have the discipline to see it through to the end.
By Mark Waterman
- 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
- Debt advice 'better than taking out new loans'
