Thursday 29th of July 2010
Cash-strapped Britons have been trying to save money wherever they can in recent years as they attempt to recover from the effects of the global economic downturn.
Information on individual voluntary arrangements (IVAs) could, though, help people shore up their finances for good and mean treating themselves from time to time is no longer an impossibility.
According to figures from R3, 38 per cent of UK individuals are actively trying to spend less money while on their travels this year, while 56 per cent have put any foreign holiday plans they may have had on the backburner.
Those of you who are worried about mounting unsecured debts swallowing up your disposable income, however, may benefit from embarking on an IVA.
The measure is only available for people who are in full-time employment and owe more than £15,000 to three or more creditors.
But IVA information might show you it’s a sensible solution if you want to become completely debt-free, stay in control of your finances and have the means to afford a real holiday when you’re in need of a break.
"Quite simply, many people can no longer afford to spend as much on their holidays as before," says R3 vice-president Frances Coulson.
By Mark Waterman
- 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
- IVA answers could help unattached Brits take control of their finances
