Tuesday 31st of August 2010
Information on individual voluntary arrangements (IVAs) may benefit Britons who have been living beyond their means and amassing large amounts of debt.
The Sun observed many women are attempting to live a Wag lifestyle despite not having the funds to pay for it.
One example, Josie Stephens, has a salary of £25,000 but uses loans, credit cards and store cards to fund expensive shopping trips, holidays and evenings out.
She explained she is "addicted to spending" and sees credit cards as "free cash", repaying only the minimum amount so they are not cancelled.
"I realised I was never going to marry a rich man and be looked after like a Wag, so I started spending money to cheer myself up," Ms Stephens added.
However, if you want to get out of a cycle of debt, IVA information could help you see there is a way to obtain a clean financial slate.
While hard work and dedication is required, this form of insolvency allows those who owe £15,000 or more to get back on track over a period of around five years.
By Kimberley Parsons
- 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
- Demand for IVA answers to grow among business owners?
