Wednesday 11th of August 2010
Individual voluntary arrangement (IVA) answers could be beneficial for those of you who are tired of struggling to get by and want to take responsibility for your finances once and for all.
According to Louisa Parker, head of research and policy at the Money Advice Trust, there is a multitude of people currently having to deal with debt problems.
This has been highlighted by Insolvency Service figures that show 70,000 Britons were declared insolvent in the first half of 2010.
She adds: “Many others will be suffering the burden of debt in relative silence.”
Answers on IVAs may, however, help people face up to their money issues and take control of their bank balance.
That’s because the method might help you whittle down your unsecured debt over a period of around five years, potentially offering you a chance of a completely new start.
Ms Parker goes on to explain how there are a range of options available for people who want to erase the cash they owe - of which an IVA is one.
By Kimberley Parsons
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- IVAs could offer boost to credit card addicts
