Friday 17th of September 2010
Individual voluntary arrangement (IVA) answers might be of assistance to those of you who owe a lot of money on credit cards and personal loans but want to start taking responsibility for your financial troubles.
According to statistics from Barclays, a large proportion of Brits are currently unaware of how much cash they have in their bank account - a lot of the time significantly overestimating the sum.
Research shows Brits believe themselves to be an average of £70.73 better off than they actually are, while those in London are the most out of touch, typically misjudging their funds by £91.62.
Commenting on the findings, Sean Gilchrist, Barclays digital banking director, says: "Being in control of your money starts with knowing how much you've got and where it is being spent."
However, you may find it difficult to stay in charge of your money when you have soaring unsecured debts.
In that case, answers on IVAs may be beneficial, as the measure offers you the chance to chip away at money owed - worth more than £15,000 - on certain financial products.
The method of insolvency takes around five years to complete, but your hard work could remove your debt burden once and for all and leave you in full control of your finances.
By Hayley Jones
- 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 'can help people hold on to property'
