Wednesday 19th of May 2010
Individual voluntary arrangement (IVA) answers might help kick-start the stabilisation of your finances, something one expert believes people are neglecting.
According to Patrick Connolly, head of communications at AWD Chase de Vere, Britons are increasingly poor at preparing themselves for the future when it comes to their cash.
An IVA could benefit you, however, if you want to start sorting out your finances, but have the spectre of unpaid debts hanging over your head.
IVAs give you the opportunity to pull yourselves out of the red if you’re more than £15,000 in debt on unsecured finance deals, merging all of the money you owe to various creditors into one, reduced-rate monthly outlay.
They are typically hard work and last around five years, but you may find all that discipline pays off when five years later you’re in full control of your money and prepared for any unexpected event that may come round the corner.
And you could find yourself even more determined than ever to avoid slipping back into serious levels of debt.
By Hayley Jones
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- IVA FAQs to assist cash-strapped retirees?
