Thursday 1st of July 2010
Individual voluntary arrangement (IVA) answers could offer information to people in the UK who are currently struggling to stay afloat because their unsecured debts are spiralling out of control.
According to the latest Credit Action figures, lending in May grew by £1.5 billion, with consumers borrowing some £300 million in credit in the same period.
This left total personal debt in Britain at £1,460 - 0.9 per cent higher than 12 months ago.
Answers on IVAs could, therefore, offer a ray of light to those who are going under because of their unsecured borrowing.
That’s because, although it requires serious hard work for around five years, an IVA might have you completely debt-free and in full control of your finances once completed.
In addition, it could help you whittle away large sums of cash that you owe - more than £15,000 - without requiring you to sell your family home, as the measure protects the equity on your residence.
And the method of insolvency could also provide you with the peace of mind that you’re no longer contributing to such huge debt statistics.
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
- IVA questions could put an end to debt complacency
