Tuesday 20th of October 2009
Indebted consumers in Northern Ireland may wish to turn to an individual voluntary arrangement (IVA) to help protect themselves against a predicted debt crisis in the country.
Credit agency Fitch Ratings believes unemployment rates will hit 12.5 per cent.
With impending joblessness forecast, people in Northern Ireland may feel now is the time to organise their debts with the help of an IVA.
The warning from Fitch Ratings comes days after Ireland’s finance minister revealed he expects the country’s debt to double to £146 billion by 2013.
But individuals could stave off the threat of financial ruin by activating an IVA.
An IVA can freeze interest rates on debt - which could be useful for the millions of Irish people whose debt could double as predicted.
Households affected by unemployment may also wish to seek IVA advice in order to restructure repayments to reflect their drop in income.
- 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 offer helping hand to those worried about tax rises
