Saturday 10th of April 2010
Some 11 per cent of the British population are struggling to manage their debts, a proportion that could be reduced by individual voluntary arrangements (IVAs).
IVAs give people with large unsecured debts the chance to break out of the red over a period of five years and it would appear there are plenty of Brits in need of such help.
According to the Department for Business, Innovation and Skills, it’s getting harder for the body to keep up with growing demand for advice among people struggling with their finances.
Edward Leigh, chairman of the Committee of Public Accounts, says: "In the UK, one person in ten is struggling to manage his or her debts. And the total of all consumer debt is enormous, some £1,500 billion."
So, those of you who are constantly battling to keep up with monthly repayments might want to consider asking IVA questions sooner rather than later, before your debts spiral out of control and add to these alarming figures.
By Ashley Littley
- 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
- Do you find yourself permanently in the red? An IVA could help
