Thursday 13th of May 2010
Individual voluntary arrangements (IVAs) may become an option for increasing numbers of people in the UK who are worried about what might happen to their finances if they lose their jobs.
According to the Office for National Statistics, the employment rate in Britain fell by 0.3 per cent in the first quarter of the year.
While this may seem negligible, the figure corresponds to 76,000 Britons finding themselves out of work between January and March.
Asking IVA questions, however, may be beneficial if your employment situation is increasingly unstable and you have large amounts of unsecured debts to deal with.
IVAs could help you clear money owed on credit cards and personal loans over a period of around five years, as long as your debts amount to more than £15,000.
And while they’re only available for people who work, they may offer you the chance to start the ball rolling and get your finances in order, in case you end up jobless and deeper in the red further down the line.
By Hayley Jones
- 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 may help those worried about debts in later life
