Monday 11th of October 2010
Individual voluntary arrangement (IVA) answers might be needed by graduates who have had to rely on credit cards and personal loans to get by during their life as a student.
According to the Daily Telegraph, Lord Browne's review of university funding and undergraduate finance could impose plans that will see students having to fork out some £80,000 in tuition fees and living costs after 2012.
These proposals include allowing institutions to charge more than the current limit of £3,290 per year and it is expected the most highly sought after degrees would demand between £7,000 and £10,000 a year.
Answers on IVAs could, however, be beneficial for those who are affected by the changes and end up in serious debt due to excessive use of credit cards and personal loans to help cover the rising cost of living.
The method of insolvency may have you in the black after around five years - if you owe more than £15,000 on unsecured financial products - due to merged monthly payments on which interest rates and charges are frozen.
It demands a lot of hard work and discipline, but you may find the effort was worth it when you are given the chance to make a fresh financial start.
By Chris King
- 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
- Need for IVA advice could rise as nearly 1m go into negative equity
