Saturday 10th of July 2010
Finding individual voluntary arrangement (IVA) answers could be a wise option for families who want to stop their money problems spiralling out of control.
According to Tim Nichols, press and parliamentary officer at Child Poverty and Action Group, poor households could find themselves in serious financial trouble over the next 12 months, especially with the emergency Budget freezing various benefits.
He states: "Families must now make what they had already go further than what they had before."
While it can seem the best option is to keep on borrowing to stay afloat, you may find embarking on an IVA and attempting to erase your debts once and for all represents the most sensible choice, depending on your situation.
Answers on IVAs could, therefore, show you how the method of insolvency can help you into the black with a series of around 60 reduced-rate monthly unsecured debt repayments.
Although it requires a serious amount of discipline, you might decide this is better than sitting back and watching your debts continue to escalate.
Mr Nichols adds: "The poorest families are now on a downward escalator over time."
By Kimberley Parsons
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- Need for IVA help could increase as expert predicts reduction in lending
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- Store card ignorance may have plummeted you into debt
