Monday 24th of May 2010
Thousands of Britons across the country have been busy setting up their own company over the last couple of months, according to Barclays Business.
Information on individual voluntary arrangements (IVAs), could, therefore, come in handy if they dipped into their own savings or took out loans to help them get going.
Steve Cooper, managing director of the firm, says: "We helped 10,000 people start up in business last month and we have never done as many as that in any month before."
IVAs may now be a sensible option for many self-employed people, however, to help them repay the money they may have borrowed in the form of unsecured loans.
If they owe more than £15,000 on various financial products, an IVA can merge their repayments into one, manageable monthly outlay, potentially affording them more control over their money than before.
And researching IVA info could be the first step on the right track for self-employed Brits who want to make sure their new business is a self-financing initiative, not something that will threaten their personal funds.
Mr Cooper’s comments follow details of the Barclays Trading Place Awards, which will take place at the Savoy in November.
By Rachel Powell
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