Monday 17th of May 2010
Millions of people in England and Wales have got to the point where their mounting debts have led them to request urgent assistance, according to Citizens Advice.
And information on individual voluntary arrangements (IVAs) might help them regain control of their finances if they owe more than £15,000 on credit cards and personal loans.
The charity states some 7.1 million people from across the two countries were advised by Citizens Advice Bureaux between 2009 and 2010, which is a whopping 18 per cent increase on the previous year.
And IVAs may have been recommended for many who feel their unsecured debts have gotten out of hand.
Despite only being available for people who are employed and have the means to meet the reduced-rate monthly outlay, they offer the chance to remove the shackles of debt while protecting the equity on property - meaning those embarking on an IVA may not lose their home, as could be the case with bankruptcy.
Info on IVAs, therefore, might be beneficial for those who desperately need to tackle their money worries head on and are afraid of ending up bankrupt.
According to chief executive of Citizens Advice David Harker, "there are millions more people struggling with debt and poverty", but seeking help as soon as possible could help ensure you’re no longer one of them.
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
- OFT warns against cold calling those with debt worries
