Sunday 30th of May 2010
One of the most stressful times for many people is that period when they are coming to the end of their working careers and want to make sure they have their finances under control when they enter into retirement.
Information on individual voluntary arrangements (IVAs) may, therefore, offer a helping hand to those who feel their unsecured debts are going to hinder their quality of life in old age.
According to Keith Churchouse, director of Churchouse Financial Planning, there are far too many individuals in this country who are apathetic when it comes to sorting out their pensions.
"People won’t be able to afford to retire because they just paid no interest to pensions at this stage," he predicts.
And it could be even worse for prospective pensioners if they still owe serious amounts of cash on unsecured financial products.
IVAs, though, could help people get out of the red in time for their retirement by chipping away at debts on credit and store cards.
They take around five years to complete and are only available for people who are employed and have the means to meet the reduced-rate monthly debt repayments.
But IVA info might show older Brits that if they plan ahead, it is possible to get out of the red and wipe out their worries of debts reducing their standard of living in old age.
By Hayley Jones
- 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
- Equity release "a major commitment"
