Monday 14th of June 2010
Individual voluntary arrangement (IVA) answers could show graduates that it is possible to turn their financial situation around following years of trying to cope with their debts since leaving university.
Figures from Sainsbury’s Finance show some £37 million was taken out in the form of personal loans in the UK last year to help pay for education.
And Paul Cottrell, head of policy at the University and College Union, comments: "The competition for jobs is higher so [graduates] don’t even have a small income to support their living costs."
IVAs could, therefore, offer a helping hand to people who have amassed serious levels of unsecured debt since leaving university.
They can’t help wipe out student loans, but money owed on credit cards worth more than £15,000 may be whittled away after a period of around five years.
If you’ve been struggling to stay in the black because your student loan repayments have made it considerably more difficult to afford to pay back cash on unsecured financial products, answers on IVAs may show you it is possible to lift the burden.
After all, the years following university should be a period full of promise and excitement - not a time to worry about your financial stability.
By Kimberley Parsons
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