Thursday 10th of June 2010
Going through a break up is one of the most emotional things that can happen to people in their lifetime. However, it could be even worse for those who are worried about their financial stability.
Information on individual voluntary arrangements (IVAs) could, however, offer a helping hand to people unsure about how they will get by after a divorce.
Speaking to Rutgers Today, Professor Deborah Carr from Rutgers University says financial security is one of the biggest concerns facing newly-separated couples - particularly women.
If you’re worried about how you’ll be able to manage your money after losing the income of your partner, an IVA could offer you a way out of your unsecured debt and help you free up some much-needed income.
The measure cuts down the money owed on the likes of credit and store cards, freezing the interest on your repayments in the process.
IVA info, therefore, could show you that it is possible to emerge from the red, something that may offer peace of mind when your financial future is uncertain.
"Because women take time out of work to care for their families, they earn less than men over times and thus receive smaller monthly payments," Professor Carr adds.
By Rachel Powell
- 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
- House prices won't recover until 2020
