Friday 17th of July 2009
Asking for individual voluntary arrangement (IVA) help may be a wise move, after it has been suggested that people who are struggling financially should obtain advice.
New research from independent charity Turn2us - which helps individuals get grants and benefits they are entitled to - showed that millions of Britons may become isolated as they cannot afford to socialise as much.
This situation has left 38 per cent of individuals feeling depressed, while more than a quarter of respondents believe their monetary position will only worsen by the end of the year.
Seeking IVA advice could, however, provide Britons with a number of options to take the burden off their finances, including freezing interest on unsecured debt, such as loans and credit cards.
Rob Tolan, spokesperson for Turn2us, said: "The stigma very much exists and given the current state of things economically, unless people do start talking about their situations and facing up to it, it’s going to spiral more out of control."
An IVA may not have the stigma attached to it which bankruptcy could have. Bankruptcy is often reported in a person’s local newspaper.
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
- IVAs could help with rising credit card debts
