Thursday 22nd of July 2010
Individual voluntary arrangement (IVA) FAQs might provide useful answers to those of you who are struggling to pay your bills due to escalating unsecured debts.
According to Confused.com, UK adults shell out over £18,500 on invoices every year, which corresponds to just less than £1 million between the ages of 18 and 70.
IVA FAQs could, however, offer information to those of you who find it impossible to juggle mounting debts with essential outlay, such as mortgage or utility payments.
A spokesman for the price comparison service says: "Times have been tough for a few years and people are really noticing the difference in their bank balances."
An IVA could provide some much-needed respite to those of you who owe more than £15,000 on unsecured financial products such as credit cards or personal loans, by giving you the chance to get out of the red after around five years.
The method of insolvency also protects the equity on your home, meaning you can rest assured your financial problems won’t take away the roof from over your head, so long as you have the means to meet the reduced-rate monthly payments.
- 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
- Low interest rate plus IVA advice could mean a head start on mortgage payments
