Thursday 21st of October 2010
As the economic climate remains unstable, many Brits might have decided now is the best time to start saving up for the future. However, this can be extremely difficult when they have serious levels of debt hanging over their heads.
Information on individual voluntary arrangements (IVAs) could, however, provide significant answers on how to gradually erase your personal deficit and begin filling your coffers.
According to John Davis, economist and wealth manager at Jonathan Davis Wealth Management, people in the UK - especially those who are close to the age of retirement - have "over borrowed, overspent and under-saved".
He added: "Those retiring in ten plus years will not have sufficient [savings] for a comfortable retirement, which could last decades."
An IVA might, though, be a solution for those of you who have amassed more than £15,000 of debt on unsecured financial products such as credit cards and personal loans and are now struggling to pay it off, not to mention create a sufficient nest egg for the future.
IVA info could highlight the fact there is a way out of your financial problems - albeit with considerable discipline and hard work - with typically 60 reduced-rate repayments to meet over a period of around five years.
By Ashley Littley
- 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
- IVAs may be able to tackle complicated debt needs
