Tuesday 1st of June 2010
Individual voluntary arrangement (IVA) answers may help out if you find you’re arguing with members of your family as a result of financial worries.
According to new figures from Clydesdale and Yorkshire Banks, the recession continues to have a serious negative effect on UK households, with more than one million at each other’s throats because of money problems.
IVAs, however, may be beneficial if you think shoring up your finances and erasing your debts will improve your life at home.
Although they take around five years to complete and require a lot of hard work, you could find it’s all worth it when you end up yourself debt-free with significantly less to be concerned about.
IVAs are only available to you if you’re employed and have debts on unsecured financial products worth more than £15,000 too, but they do offer the benefit of freezing interest on the money you owe, potentially making it much easier to manage your outgoings.
And now may be the ideal time to seek answers on IVAs, as Professor Kevin Durkin, of the University of Strathclyde’s Department of Psychology, says: "Economic stress has substantial effects on families. It impacts on the parents, causing irritability, marital discord and depression."
By Ashley Littley
- 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 might give boost to those not educated in money matters
