Tuesday 4th of May 2010
Individual voluntary arrangements (IVAs) answers could become increasingly in demand among Brits in the near future, following the latest statistics from Credit Action.
According to the national money charity, personal debt across the UK at the end of March stood at £1.46 billion, while consumer credit lending went up by £300 million compared to February.
And this has led to the average amount of cash owed by each household in Britain standing at £18,324.
IVAs, however, could offer a helping hand to people who are shackled by large amounts of unsecured debts on credit cards and personal loans.
If you owe more than £15,000, you could find yourself out of the red after five years of meeting the reduced-rate monthly payments that come with an IVA.
And this may help you avoid the potential pitfalls of bankruptcy, which include details of your insolvency being published in the local newspaper and losing your family home.
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
- An IVA could clear your debt, allowing you to save for your kids' futures
