Monday 25th of October 2010
Individual voluntary arrangement (IVA) FAQs might be extremely useful for households who have continued to splash the cash on luxuries like holidays and have found themselves racking up debt in the process.
And this could be the case for a growing number of people at this time of the year, following research from Santander Cards.
According to the firm, those heading on a break during half term could be hit with escalating prices, with family holidays being 69 per cent - or £1,831 - more expensive during this period of time.
In addition, the study showed families who are planning a trip in their free time could face premiums of up to 135 per cent.
IVA FAQs could, however, be beneficial for those who find they've been pushed over the edge with their latest batch of big spending.
People who owe more than £15,000 on credit cards and personal loans are eligible for the process, as long as they have both the means and discipline to meet the reduced-rate monthly repayments.
Ian Coles, director at Santander Cards, commented: "Half term is the perfect excuse for many to go abroad to get some sun, but with premium hikes like this the majority of people may simply not be able to afford it."
By Hayley Jones
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- 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
- House price recovery 'will take time'
