Wednesday 19th of May 2010
Britain’s employees need to seek help as soon as possible if they’re finding it difficult to get by because of the amount of money they owe to various creditors.
And information on individual voluntary arrangements (IVAs) could be the most suitable option for many workers who have to deal with rising debts on credit cards and personal loans every month.
According to the Consumer Credit Counselling Service (CCCS), companies are in a perfect position to encourage any cash-strapped members of staff to ask for advice on how to manage their finances.
IVAs could therefore become more popular among the employed as a way of sorting out their money problems.
They offer people the chance to become debt-free after a period of around five years and may ensure their career remains on track, as opting for bankruptcy instead can prevent Britons working in various sectors such as accountancy.
As a result, info on IVAs may benefit those who are worried about how their future will play out with large unsecured debts to try to deal with.
Especially as "the UK’s personal debt problem is likely to get far worse over the next year", according to CCCS external affairs director Delroy Corinaldi.
By Neil Burton
- 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 from the Insolvency Service
