Sunday 13th of June 2010
Individual voluntary arrangement (IVA) answers may be beneficial if you’re worried about what may happen to your finances following the impending government cutbacks.
A Conservative minister recently found himself in the spotlight following comments he made about the state’s attempts to reduce its budget deficit.
After being asked why northern cities were losing more than ones in the south, Bob Neill said: "Those in greatest need ultimately bear the burden of paying off the debt."
Many of you may be worried about your financial stability even before any measures are introduced by the new Conservative/Liberal Democrat regime, though, especially if you have soaring debts that appear to be impossible to keep under control.
IVAs could, however, ease your worries and show you it is possible to get out of the red and free up income to go towards other things, other than paying back money on unsecured financial products.
And this might make it easier for you to withstand any unexpected cutbacks that may occur in the near future and have a bearing on your own bank balance.
Given that the economic situation is still extremely unclear despite the recession being over, seeking answers on IVAs could be a wise choice.
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 may have prevented former football director's bankruptcy
