Tuesday 27th of July 2010
Seeking individual voluntary arrangement (IVA) answers might be a wise move for households that continue to struggle with financial problems.
Recent figures from Alliance Trust show, despite a slight increase in the financial wellbeing of British consumers in the second quarter of the year, people still appear to be finding it difficult to get by.
The Alliance Trust’s UK Financial Reality Index reveals basic costs have gone up, along with the debt burden.
Answers on IVAs may, though, offer peace of mind to those of you who are strapped for cash as a result of mounting unsecured debts.
The method of insolvency is only available for people who are in full-time employment and requires a great deal of discipline to complete, but could leave you completely debt-free after around five years.
And you might find this significantly eases your concerns about how you can afford the cost of living.
Shona Dobbie, head of the Alliance Trust Research Centre, adds: "[The index] still suggests that consumer spending will remain relatively weak in the coming months."
By Neil Burton
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- 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
- An IVA could help credit card customers avoid bankruptcy
