Thursday 14th of October 2010
Individual voluntary arrangement (IVA) answers could offer priceless information to those of you who have successfully reined in your spending and are now ready to start erasing your debts on credit cards and personal loans.
The latest Nationwide Consumer Confidence Index stands at its lowest level for more than 12 months, with the firm's Spending Index now sitting at 85 points - below the long-held average of 92.
Commenting on the news, Richard Dodd, spokesman for the British Retail Consortium, says it is not a surprise given the level of concern among consumers regarding speculation over impending government spending cuts.
He adds: "People are becoming reluctant to make major spends and that is certainly reflected by the sales figures for non-food goods."
Seeking answers on IVAs could, however, be a wise next step for those of you who have cut down your excessive spending and now want to get to work reducing your balances on credit cards and personal loans.
The method of insolvency requires a lot of discipline and is only available for those who owe more than £15,000 to three or more creditors.
But it could have you completely debt free after around five years and offer the peace of mind that you have managed to control your spending and erase your money troubles with one fell swoop.
By Neil Burton
- 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
- IVAs could be used by self-employed Brits to clear debt
