Friday 18th of June 2010
Seeking individual voluntary arrangement (IVA) answers may be a positive move for the huge numbers of people who refuse to seek help with their spiralling debts.
According to insolvency trade body R3, some 44 per cent of the population who are struggling to get by admit they haven’t yet sought advice because they don’t deem their troubles big enough to require it.
In addition, 14 per cent state they’re worried about what others would think of them if they were to look for help with their finances.
Finding answers on IVAs could, however, help these Britons find the information they are looking for and assist them in finally taking charge of their bank balances.
Those of you who are employed and owe more than £15,000 are eligible for an IVA, which could have you debt-free after around five years and pleased you decided to ask questions on how to end your money issues.
The form of insolvency requires a lot of hard work, however, and those undertaking it should be aware of the prolonged discipline needed to complete it.
"If someone seeks help early they will be able to take stock of their finances and will be on their way to attaining peace of mind," R3 president Steven Law says.
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
- IVAs may be the first step to positive credit ratings
