Tuesday 13th of July 2010
Individual voluntary arrangement (IVA) answers could provide important information to people who want to take control of their finances and banish their money worries once and for all.
However, according to figures from moneysupermarket.com, there is still a huge number of people in the UK who have a relaxed attitude towards amassing debt.
Answers on IVAs might, therefore, still help a multitude of individuals unaware of the trouble their bank balance is in.
The price comparison service states that the risk of debt collectors turning up at their home only bothers 35 per cent of Brits, while just 43 per cent of those who owe money would be worried if they couldn’t pay their mortgage or rent.
An IVA could help those who decide to sort out their cash issues by whittling away unsecured debt worth more than £15,000 with around 60 monthly, reduced-rate repayments.
And the method of insolvency might show Brits how important it is not to bury their heads in the sand when it comes to money worries.
Tim Moss, head of loans and debt at moneysupermarket.com, says: "Many people are being pushed to breaking point by the spiraling cost of living and the ongoing effects of the credit crunch but … people do need to be aware of their own financial circumstances."
By Hayley 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
- An IVA could lessen the shock of a pay freeze
