Saturday 14th of August 2010
Individual voluntary arrangement (IVA) answers could help those who struggle to manage their finances for a number of reasons.
This form of insolvency allows borrowers who owe at least £15,000 to three or more creditors repay their debt over a period of five years.
And although it requires hard work and dedication, an IVA could benefit you if you need help to live within your means.
Research by MSN Money has revealed many consumers are forking out large sums due to carelessness, with fines and unnecessary costs amounting to a total of £4.4 billion in the UK each year.
Senior editor at the site Simon Ward commented: "Ensuring we are keeping on top of basic costs and trying to keep a more watchful eye out is key to saving money in the long run."
And for those who struggle to control outgoings and have to rely on credit, IVA answers may provide support.
Posted by Chris King
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- 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
- Can't meet your rent? IVA FAQs could offer important information
