Monday 21st of June 2010
Individual voluntary arrangement (IVA) answers might offer Britons enough information to kick-start a habit of saving cash for a rainy day.
According to statistics from Lloyds TSB, 18 per cent of people in their 20s and close to 25 per cent of those aged between 18 and 19 hope to save up to around £3,000 every year.
However, that is in stark contrast to older Britons, with only one in seven 50-somethings planning to raise the same amount.
Answers on IVAs may, however, offer all the information needed for people who are only unable to fill their coffers because of spiralling debts.
With money owed on credit cards and personal loans eating up all your disposable income, it’s difficult to find any money to stash away for the future.
IVAs, though, might have you debt-free after around five years - if you have unsecured debts worth more than £15,000 - with your funds going towards filling up your nest egg, rather than trying to get out of the red.
"Often the biggest barrier to savings is starting in the first place," says Greg Coughlan from Lloyds TSB Savings.
By Kimberley Parsons
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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
- IVA help could protect families for the future
