Friday 23rd of July 2010
Individual voluntary arrangement (IVA) answers may help single Britons decide it is time to take charge of their money and try to get out of the red once and for all.
Figures from uSwitch.com recently suggested someone who lives on their own ends up having to pay more than £250,000 more on living costs than those living with a partner.
And commenting on the findings, Mark Bower, managing director of moneymaxim.co.uk, says single people do have to shell out more over a lifetime "without a doubt".
Answers on IVAs may, however, offer much-needed information to people living on their own who are struggling to get by because of their large living costs and unsecured debts.
It could be that many use credit cards and personal loans to help them pay for their bills or accommodation charges, but find themselves unable to meet their repayments as the deficit mounts up.
An IVA can help you clear cash owed on such financial products with some hard work and discipline over a period of around five years.
And this could leave you completely debt-free and ready to embark on a fresh start - without having to worry about the cost of living.
By Mark Waterman
- 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
- Refused credit? Now could be the time for IVA questions and answers
