Thursday 15th of July 2010
Graduates nowadays often find themselves in thousands of pounds of debt when they leave college, with various loans and credit agreements keeping them afloat.
Information on individual voluntary arrangements (IVAs) may, however, offer answers to university leavers who have ended up in serious amounts of unsecured debt during their time in higher education.
According to figures from the Association of Investment Companies, 49 per cent of students believe it will take more than ten years to pay back the cash they owe.
In addition, 25 per cent of parents say they have been the main source of funding for their offspring’s education.
IVA info will show you that the measure will not help you pay back your student loans, but can erode unsecured debts worth more than £15,000 amassed on credit cards.
They take around five years of hard work to complete and, while that is a big commitment, it could end up halving the expected amount of time spent repaying debt gathered as an undergraduate, giving you a chance to make a fresh start.
By Chris King
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