Thursday 27th of May 2010
When you have a debt problem, it’s obvious that the best thing to do is try to cut down on the money you owe. However, making that step and taking action is often the most difficult part.
Information on individual voluntary arrangements (IVAs), however, could make a big difference in showing you a way you can reduce your personal deficit.
According to financial expert Tricia Phillips, who writes for the Daily Mirror, once you’ve got debts, it’s best to get rid of them as soon as you can - if you can.
But when you owe more than £15,000 on various unsecured financial products, it’s not as easy as that.
IVA info, though, may show you how to take control of your finances, as IVAs help whittle away your debts on personal loans and credit cards by merging all your repayments into one, reduced-rate monthly outlay.
They require a lot of hard work and take around five years to complete, but by the end of the process you could find yourself debt-free and relieved you decided to take action before your financial troubles spiralled out of control.
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
- IVA advice could help the monthly headache
