Tuesday 13th of July 2010
Struggling with mounting unsecured debts every day is stressful, tiring and demanding and could even put your family home at risk.
Information on individual voluntary arrangements (IVAs) may, therefore, offer invaluable help to cash-strapped Britons who are sick of just keeping their heads above water.
According to Roger Edwards, proposition director at Bright Grey, people would benefit from kicking their borrowing habits and trying to get their bank balances under control.
An IVA may be what you need to ensure you’re not still having to meet hefty debt repayments every month years down the line.
"Planning ahead for the future financially can help avoid using expensive emergency measures to cover them for the short term," he suggests.
IVA information may be helpful if you owe more than £15,000 on credit cards and personal loans to three or more creditors and are employed, with the means and discipline to meet the reduced rate, monthly debt repayment.
In around five years’ time, the measure could have you completely debt-free - and give you a much-needed fresh start.
By Mark Waterman
- 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 be right for debt-ravaged Britons suffering in bed
