Wednesday 30th of June 2010
Individual voluntary arrangement (IVA) answers might offer a significant amount of information to women who work in financial services and have mounting debts.
According to the City Women’s Network, the recession has hit females in this sector the hardest.
"When the economic environment requires companies to tighten their belts, longer hours and less flexibility often ensue, which can be very challenging for women with families," says India Gary-Martin, president of the organisation.
Answers on IVAs could, therefore, show females who are struggling to get by that there is a way out of their debt woe, albeit with cutbacks and a serious amount of dedication and discipline over a prolonged period of time.
IVAs are only available for those who are employed and owe more than £15,000 on unsecured financial products, but the form of insolvency could be a sensible way of getting your bank balance in order in case of any unexpected changes to your situation.
Ms Gary-Martin states many women have ended up resigning from their jobs because of the effects of the recession.
But it may be a wise choice to ensure you are out of the red before the prospect of becoming unemployed rears its head.
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
- IVA help as UK households increase their debt borrowings
