Friday 9th of July 2010
Many households in Britain see the summer holiday as one indispensable aspect of family life. However, this can create serious money troubles when it is funded by loans.
Information on individual voluntary arrangements (IVAs) might offer assistance to those who are unable to curb their spending, even if they can’t afford to maintain it.
According to figures from Bright Grey, more than ten million UK adults will end up in debt while funding this year’s vacation, with 58 per cent of those borrowing cash to pay for the trip without the money needed to repay their creditors immediately.
IVA info may, therefore, provide answers to those of you who will end up in the red this summer as a result of your holiday.
An IVA could show you that there is an alternative to recklessly splashing out and relying on lenders, helping you out of your unsecured debt after around five years of hard work and dedication.
The measure consists of one reduced-rate payment a month, which combines all of your outlay going to credit card and personal loan providers.
And this might leave your finances in a stable enough position to ensure you no never have to borrow to fund a getaway again.
By Rachel Powell
- 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
- Information on IVAs may offer helping hand to new business owners
