Monday 7th of June 2010
It can take a lot of discipline to cut down on the amount you’re spending when you have financial difficulties.
Information on individual voluntary arrangements (IVAs) may, however, be the logical next step for those of you who have managed to achieve this and now want get to work on your backlog of unsecured debts.
According to an Adfero street poll conducted in Sheffield city centre, 80 per cent of respondents are planning to shell out the same amount of money on a holiday this year as in 2009, with none hoping to be more extravagant with their vacation expenditure.
With people apparently still feeling the effects of the recession on their wallets and making the effort to cut back, embarking on an IVA could be beneficial for those of you who have more than £15,000 outstanding on credit card and personal loan repayments.
That’s because it may lead you out of the red by chipping away at your unsecured debts, freezing the interest on the cash you owe and potentially offering you more control over your finances by merging all your repayments into one monthly outlay.
Seeking IVA info could, therefore, be the action your situation needs.
And it may also be a way of building on your newly-acquired financial responsibility.
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
- Lenders 'working with borrowers' to minimise repossessions
