Saturday 3rd of July 2010
Individual voluntary arrangement (IVA) information could offer hope to those struggling to keep on top of their money.
Many people may find themselves facing debt problems as a result of a lack of financial literacy.
And Coventry Building Society has been providing information to students as part of the Personal Finance Education Group’s My Money Week programme - which aims to help youngsters avoid future difficulties.
However, for adults who already owe more than £15,000 to at least three creditors, IVA information could well prove useful.
As long as you are willing to put in hard work over a period of five years, you may be able to clear your debts and start with a clean state and a greater awareness of how to manage your finances.
Moneynet.co.uk’s Andrew Hagger highlighted the benefit of financial literacy, stating: "For people to make the best use of the information available to them they need to have a basic understanding of the different products, features and pricing."
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
- Information on IVAs may give workers a way out of their debt problems
