Monday 19th of July 2010
Seeking individual voluntary arrangement (IVA) answers could be a wise move for British parents who have money troubles as a result of having to cut their working hours.
According to Aviva, this is the case for a growing number of people in the UK, with four in ten families deciding it’s best for just one parent to stay in employment following the birth of their second child.
One thousand parents with two or more children were questioned in the Cost of the Sibling study.
IVA answers may, though, offer a helping hand to those of you who have chosen to do the same thing, but now face mounting unsecured debts as a result.
That’s because an IVA provides Brits owing more than £15,000 on credit cards and personal loans the chance to reduce their deficit over a period of around five years, which might leave them in a much more secure financial situation.
And this may be priceless in a family that is bringing up two or more youngsters who are completely reliant on their parents.
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
- Rather than applying for more credit, an IVA could help
