Wednesday 28th of July 2010
Individual voluntary arrangement (IVA) answers might provide sufficient information to older Brits who are struggling to pay back their debt and afford the cost of looking after their grandchildren.
According to figures from RIAS, UK grandparents will help couples save around £806 million in childcare costs over the summer by offering a helping hand throughout the school holidays.
In addition, the company showed British families have to shell out an average of £92.99 on looking after their kids every week.
Answers on IVAs might, however, ease the burden for older people who are keen to help their children out but are worried about their escalating unsecured debts.
An IVA could help whittle away cash owed on credit cards and personal loans worth more than £15,000 over a period of around five years.
The measure might, therefore, mean you can free up more of your disposable income to go towards what really matters - family.
"As working hours get longer and the impact of previous years’ economic turmoil hangs over us, it looks as though parents are relying on grandparents more than ever before, especially over the long summer holiday break," says Janet Connor, managing director of RIAS.
By Hayley Jones
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- Government announces 'breathing space' for those needing IVA help
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- IVA questions may cut out stifling credit burden
