Monday 10th of May 2010
Seeking individual voluntary arrangement (IVA) answers online might help if your escalating debts are causing you embarrassment.
According to the Consumer Credit Counselling Service (CCCS), feeling shameful over money problems is pretty common in Britain and the main obstacle that stops people looking for debt help.
Researching IVA FAQs on the web, therefore, could be the first step on the road to becoming debt-free and help you remain anonymous in your hunt for financial advice.
IVAs offer you the chance to cut the money you owe on credit cards and personal loans if it’s worth more than £15,000.
And they may also help you regain a grip on your finances by freezing interest on your unsecured debts, while teaching you the importance of discipline when dealing with your money at the same time.
"Debt is an emotive issue and can lead to feelings of shame and embarrassment," says Paula Searle, head of e-services at the CCCS.
But you could find these emotions subside after the five-year period of hard work an IVA requires.
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
- Bills causing you a headache? IVA answers may provide a solution
