Thursday 22nd of April 2010
Individual voluntary arrangements (IVAs) could help you get rid of the guilt you feel over hiding your growing debt problem.
According to figures from the Post Office, as many as 21 per cent of Brits who owe money keep the exact amount a secret from their partners, with 31 per cent concealing it from family members too.
IVAs, however, might get you out of the red over a period of five years if you have unsecured debts worth more than £15,000.
What’s more, IVAs help you avoid the risk of having details of your debt problems printed in the local press - something that is required with bankruptcy.
Doug Strachan, director of financial services at the Post Office, says: "Managing the debt effectively can mean there is no need to experience the terrible emotional and physical symptoms hiding debt can result in."
And seeking IVA answers could be a wise first step for you if the combination of a debt problem and keeping secrets from you family have become too much of a burden to deal with.
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
- IVA answers could be first step to clearing debt
