Thursday 25th of June 2009
People struggling with their finances should not put off seeking information about individual voluntary arrangements (IVA) or other potential debt solutions, it has been suggested.
Jolanta Lasota, chief executive of Turn2us, said there are many places consumers can go to get advice on money matters and warned that not acting quickly can lead to further problems.
"People need to go and find that help as soon as possible and not delay because delaying often means getting into worse financial difficulty," she remarked.
A new study by Turn2us found that approximately 25 per cent of people expect to have more debt in six months’ time, a situation where IVA help could be useful.
IVAs are a more flexible and potentially cheaper alternative to bankruptcy, which give you more of a say in how your assets are handled.
The Insolvency Service states that this option can particularly suit you if you have an income that would allow regular payments to creditors or relatives who are willing to help out with the debt.
- 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
- Households face 3% pay cut
