Friday 21st of May 2010
Students or graduates who are concerned about how their unsecured debts will affect them further down the line may find themselves desperately scrambling for advice on how to get their finances back on track as soon as possible.
And information on individual voluntary arrangements (IVAs) could offer a helping hand to older students who owe serious amounts of money on various financial products.
According to comments from Johnny Rich, editor of push.co.uk, current undergrads could leave uni with around £23,500 worth of debts and if they regularly use credit cards, this could land them in serious hot water.
IVA information may help graduates and older students assess their financial options and show them they can clear their debts after around five years of hard work.
Although they can’t help with repaying student loans, they can cut money owed on unsecured financial products - if the deficit is more than £15,000 - allowing them to free up income to go towards paying off various tuition fees and grants.
And seeking IVA info could the sensible option for graduates who are sick of their money troubles.
Mr Rich comments: "Students may be at the end of their tether when it comes to what they can be expected to contribute to the cost of higher education."
By Mark Waterman
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- 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
- Negative equity help 'may feature in Budget'
