Monday 26th of July 2010
Individual voluntary arrangement (IVA) answers may be of assistance to cash-strapped Britons who are concerned about not being able to afford the cost of living following the government’s emergency Budget.
According to Citizens Advice housing policy officer Liz Phelps, the state’s decision to cut housing benefit could leave many in debt or even homeless.
She says: "There can be no doubt that the combined effect of these cuts will lead to a sharp increase in rent arrears and homelessness."
IVA answers might, though, offer priceless information to those of you who have mounting unsecured debts to deal with, as well as the prospect of the government cuts.
If you owe more than £15,000, you could find an IVA leaves you completely debt-free after around five years and gives you a renewed ability to make the most of your income and pay the rent and mortgage.
The measure doesn’t help with the cash you owe on a home loan, but might offer you a fresh start and the chance to get your finances in order, without having to worry about keeping a roof over your head.
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
- IVA help may be needed for stay-at-home mums who rely on credit
