Monday 1st of March 2010
If you find that your income is not enough to clear your unsecured debts then you could have considered getting a second job, although this may have left you feeling guilty.
But a second job could not be an ideal option for those of you with a family who want to spend as much time with your loved ones as possible, which is where an individual voluntary arrangement (IVA) could answer your dilemma.
According to This Is Money, many of you in debt are taking on second jobs in order to raise the money required to cover everyday costs and repayments.
Speaking to the publication, Kate Philip, a chartered financial planner with adviser Independent Women in Edinburgh, says: "I’ve seen a couple of clients starting second jobs to pay down debts, using all of the extra income to reduce credit card bills."
Rather than spend more time at work and have few hours left to yourself and loved ones, using an IVA to help clear credit card debts could be a better option.
An IVA can merge your credit card bills into one, reduced-rate, monthly repayment, potentially removing the need for a second job to be undertaken.
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
- Need for IVA advice could rise as nearly 1m go into negative equity
