Thursday 7th of October 2010
Individual voluntary arrangement (IVA) answers might offer some much-needed information to families on how to get their escalating unsecured debts under control so they can start saving for their children's future.
According to research by MyVoucherCodes.co.uk, 34 per cent of those who already have savings in place for their young ones have dipped into the nest egg to pay for something else in the past, while one-in-ten parents state they regularly do this.
Furthermore, the study shows eight per cent of the people who don't have cash set aside for their kids note they have tried to boost their coffers but have either failed to put money into them or have been unable to keep it in there.
Answers on IVAs could, however, demonstrate to those of you who want to erase your debts and start saving for the future that there is a way out of your troubles.
The method of insolvency may have you in the black after meeting around 60 reduced-rate monthly repayments and might offer you the added peace of mind that your family home won't be sold as an asset, as the measure protects the equity on your property.
Commenting on the findings, Kate Moore, head of savings and investments at Family Investments, says: "Many families, of all incomes, are struggling to put money away with household finances [so] tight."
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
- Information on IVAs may lead to stress relief
