Tuesday 10th of November 2009
One of Britain’s most famous and well-paid newspaper columnists may wish to seek individual voluntary arrangement (IVA) advice after revealing she owes around £150,000 in unsecured debts.
Liz Jones, who writes for the Daily Mail, admits in her piece today (November 10th) that she has never been able to live within her means and has regularly blown money on designer clothes, expensive items for her home and a lavish social life.
And now Ms Jones lives in fear of calls from banks, bills dropping through the letterbox and emails from her accountant - worries that would be banished under the terms of an IVA because creditors must deal with a negotiator instead of debtors directly.
Speaking of her inability to manage money and her desire to spend, she wrote: "It is almost like an illness, but I suspect it’s an illness that afflicts many millions of us."
Ms Jones believes that the worse a person is at organising their finances, the more life ends up costing them - she points to her experience of late fees and high interest payments as proof of this.
But one way for the writer to sort her money troubles could be to take out an IVA - which can freeze interest rates and restructure repayments so that they are affordable to Ms Jones and allow her to begin the road to financial stability.
By Neil Burton
- 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 could keep your career on track
