Sunday 8th of August 2010
Individual voluntary arrangement (IVA) answers might be beneficial for those of you who are desperate to cut down the debt you owe to numerous creditors.
Figures from the Insolvency Service show personal insolvencies were up five per cent in the second quarter of 2010 compared with the same period of time last year.
And commenting on the data, Paul Crayston, spokesperson for the Money Advice Trust, says: “We need to make sure, for our social and economic wellbeing, that unmanageable debt is reduced as far as possible.”
Embarking on an IVA may be a sensible option for those of you who have spiralling debts on credit cards and personal loans worth more than £12,000.
The method of insolvency could have you in the black after around five years and with more room to manoeuvre when it comes to making the most of your income.
It does require a lot of hard work and dedication, but you may find it’s worth it once you’re free of unsecured debt repayments.
By Chris King
- 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
- Redundancy concerns 'could require IVA advice'
