Monday 26th of July 2010
Individual voluntary arrangement (IVA) questions might help debt-ridden individuals find a way for them to get their finances in order and emerge from the red.
According to new figures from uSwitch.com, there are currently 1.1 million electricity and 800,000 gas customers who are officially repaying a debt on their fuel.
Furthermore, they show the number of people having to embark on debt repayment programmes shot up by just less than 20 per cent last year.
Questions on IVAs may, though, be beneficial for those of you who can’t pay the bills because of the amount of cash you already owe on the likes of credit cards and personal loans.
The method of insolvency takes around five years to complete and is only available to those who are employed, but you may find yourself grateful you put in the hard work when your unsecured debts worth more than £15,000 are wiped clean, potentially giving you the chance to make better use of your salary.
Ann Robinson, director of consumer policy at uSwitch.com, says: "These statistics are sign of a far bigger malaise and raise a huge question mark over the ongoing affordability of our energy."
By Hayley Jones
- 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
- Information on IVAs may help struggling homeowners
