Wednesday 7th of April 2010
If you have kids and currently stay at home to look after them while your partner goes to work, you could find your current financial situation means this arrangement will soon have to stop.
With personal loan and credit card repayments taking a significant toll on your finances - something an individual voluntary arrangement (IVA) could help with - the luxury of being a stay-at-home parent may have to end if one wage is not enough to cover unsecured debts.
But it might not just be mums who face the tough choice of leaving their kids in childcare.
A new Aviva study reveals over the past decade the number of dads in the UK caring for young children has increased by ten times.
Whether you are a mum or dad, getting some answers on IVAs could help you tackle your debt. And when your coffers slowly get out of the red, you may be able to reduce your working hours so you can spend more time with your little ones.
Head of protection marketing for Aviva Louise Colley says: "We’d advise anyone with dependent children to consider the importance of financial protection for their family - particularly if they are relying on one income."
By Neil Burton
- 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
- Debt problems affecting your personal life? Seeking IVA answers may be a wise choice
