Tuesday 20th of April 2010
Individual voluntary arrangement (IVA) answers could help Brits with large debts regain control of their finances and afford the cost of everyday living.
According to the Office for National Statistics, annual inflation rose by 3.4 per cent - more than expected - in March, with the Consumer Prices Index up three per cent from February.
IVAs could offer you a helping hand however, if the rising cost of living is forcing you to rely on credit cards to afford everyday items and shopping for your family.
They can cut down unsecured debts on plastic and store cards worth over £15,000 and, provided the repayments are met, might have you out of the red in five years.
What’s more, IVAs merge debt repayments into one, manageable monthly outlay and cut credit and store card interest rates in the process, potentially allowing you to juggle your previously uncontrollable finances and afford the cost of providing for your family.
By Kimberley 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
- Unsecured lending on the increase as UK economy falters
