Thursday 12th of August 2010
Individual voluntary arrangement (IVA) answers could offer you priceless information that helps you sort out your finances and free up income with which to pay for your rent or mortgage.
And this could be more beneficial than ever at the moment, after Citizens Advice stated it saw 25,360 mortgage arrears problems in the three months to June this year.
Answers on IVAs could make a big difference though, as the measure allows people in full-time employment to whittle away the cash they owe on credit cards and personal loans - if it's worth more than £15,00 and they have the means and discipline to meet the reduced-rate, monthly repayments.
An IVA also protects the equity on your home, which could reduce the worries of losing your house should you fail to meet accommodation costs.
Citizens Advice chief executive Gillian Guy warns: "It is widely expected that this is the calm before the storm with the impact of public sector cuts still yet to come."
By Rachel Powell
- 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
- Credit card worries may be relieved by IVA answers
