Sunday 31st of October 2010
Individual voluntary arrangement (IVA) answers could be extremely useful for Brits who are tempted to keep on borrowing funds to ensure they can maintain their current lifestyle.
According to reports from the Daily Mail, this is something film director and critic Michael Winner has been doing over the past few years, leaving him £9 million in the red.
The news source explained he has taken out personal loans worth some £3 million in the last 18 months alone, with the celebrity claiming he spent the money on "planes, restaurants [and] chauffeurs", before adding: "And I have quite a big staff."
However, the publication noted Winner is thought to be worth more than £35 million, which means paying off the debts won't be as much of a problem for him as it would be for others deep in the red.
If you have consistently borrowed cash to ensure you can keep on buying your little luxuries, answers on IVAs may be useful.
The method of insolvency could free up extra income by freezing the interest on the money you owe and might make managing your finances easier in the process, with all debt repayments being merged into one, reduced-rate monthly outlay.
By Mark Waterman
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- Need for IVA help could increase as expert predicts reduction in lending
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- IVA advice need could rise in 2010
