Monday 4th of October 2010
Individual voluntary arrangement (IVA) FAQs might offer much-needed information to Brits who are struggling to keep their heads above the water as they continue to be plagued with money worries following the recession.
According to John Miles, business development director at Gocompare.com, many consumers are still having to rein in their spending to try and keep their problems to a minimum.
He explains people reacted to the recession in different ways, with some cutting down on luxury spending, "while for others it has marked the difference between just getting by and really struggling".
IVA FAQs could, however, offer peace of mind to those who have mounting debts and feel it's impossible for them to get out of the red.
That's because this method of insolvency could have you completely debt free after around five years of meeting reduced-rate monthly repayments.
This could make managing your finances much more simple in the long run and mean the majority of your income isn't simply swallowed up by your attempts to reduce the deficit.
Mr Miles adds: "Every household will have its own set of priorities from wanting to pay down debts to just trying to make ends meet."
By Chris King
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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
- Could an IVA help with Christmas costs?
