Wednesday 30th of June 2010
A lack of job stability is one of the reasons many people decide to take control of their finances and make sure they are well prepared for any unexpected events that occur in the future.
Seeking information on individual voluntary arrangements (IVAs) could be one way people can learn how to bolster their bank balances in the face of uncertainty in the employment market.
According to reports in the Guardian, George Osbourne’s emergency Budget could lead to the loss of up to 1.3 million public sector jobs in the next five years, after the news source saw a leaked Treasury assessment of the spending cuts.
If you’re concerned that your unsecured debts would make it difficult to get by should you lose your job, an IVA could offer support.
The method of insolvency cuts cash owed on credit cards and personal loans over a period of around five years, potentially leaving you with a renewed power to make your income go further without having to worry about meeting debt repayments every month.
IVA info may also show you that you don’t need to worry about repossession.
That’s because it protects the equity on your family home, which may leave you with peace of mind that a roof will always be over the heads of those you care about the most.
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
- Debt sufferers 'not aware of options such as IVAs'
