Thursday 11th of March 2010
Asking some questions on individual voluntary arrangements (IVAs) could be part of your plan to brush up on your financial knowledge to avoid passing monetary mistakes to your children.
One charity has urged you to spend a bit of time filling in the gaps of your financial knowledge, a good habit you may like to pass down to your offspring to enable them to stay debt free when they are older.
The Consumer Credit Counselling Service (CCCS) explains that poor money management can result in serious debt problems.
It could be this, combined with your attitude of sticking your head in the sand, that has resulted in you owing more than £15,000 to a number of lenders.
An IVA could prove to be of assistance if your find yourself in this situation.
The debts you owe to all your lenders are merged into one, reduced-interest rate, monthly repayment, helping you to stay on top of things better.
"Managing your money efficiently is important for both short and long-term happiness. During a recession, nobody can afford to ignore good money management which could even stave off a developing debt problem," advises CCCS spokeswoman Frances Walker.
By Hayley Jones
- 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 prevent Britons from repeating their credit card mistakes
