Tuesday 3rd of August 2010
Individual voluntary arrangement (IVA) answers could offer sufficient support to debt-ridden Britons who have been unable to keep a grip on their cash due to a lack of understanding of their finances.
According to Confused.com, 71.9 per cent of UK adults are puzzled by how to make money and use it wisely.
Furthermore, research shows mortgages perplex 79.1 per cent of individuals, while 83.9 per cent feel they have no idea about how pensions work.
Answers on IVAs may, however, offer invaluable information to those of you who are struggling to get out of the red because they lack financial education.
The measure allows people with more than £12,000 owing on credit cards and personal loans to whittle away their unsecured debts over a period of around five years, with the help of typically 60 reduced-rate, monthly repayments.
While an IVA requires a serious amount of discipline and dedication, it might leave you completely debt-free and with a bigger motivation to learn about finance and remain in control of your money.
Darren Black from Confused.com says: “Given the variety of different products and services available and the hectic lives many Brits live, it’s easy to see how making decisions could lead to stress and worry.”
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
- Could capping debt remove the need for IVA help?
