Saturday 4th of September 2010
Individual voluntary arrangement (IVA) answers might offer indispensable information to parents who are racking up debts trying to ensure their children are ready for the new school term.
According to new figures from Gocompare.com, adults are set to shell out over £1.2 billion in total on essentials such as school bags, uniforms and pencil cases, as well as a considerable amount on high-tech devices like laptops.
IVA answers could, however, offer support to families who are finding it hard to get by already, without having to fork out on expensive new items for their kids.
Parents who own more than £15,000 on unsecured financial products to three or more creditors may go down this route, as long as they are in full-time employment and are prepared to put in a lot of work to meet the reduced-rate, combined monthly repayments.
Phil Paterson-Fox, head of home and pet insurance at the firm, comments: "While getting children ready to go back to school can be expensive at this time of year, parents are increasingly faced with the prospect of their children packing their school bags with ever more valuable items."
By Rachel Powell
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- 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
- Online information on IVAs may benefit older Brits
