Thursday 10th of June 2010
Individual voluntary arrangement (IVA) answers may come at a good time for Brits whose growing unsecured debts are soaking up their disposable income.
With many still feeling the effects of the recession, it’s difficult for people to free up enough cash to go towards what’s really important in life, such as everyday essentials and keeping a roof over their family’s heads.
According to Wendy van den Hende, chief executive of the Personal Finance Education Group, young people don’t face as much of a problem when it comes to managing their money as older individuals, due to the "demands that a young family entails".
If you’re struggling to get by because of the money you owe on credit cards and personal loans and have a household to look after at the same time, seeking answers on IVAs could be a wise choice.
IVAs may whittle down your debts worth more than £15,000 and offer a more suitable alternative to bankruptcy, as they also protect the equity on your home.
And they might also show you that debt repayments don’t have to swallow up all of your disposable income and leave your family struggling to get by forever.
By Rachel Powell
- 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 questions might help improve money management
