Wednesday 27th of October 2010
Individual voluntary arrangement (IVA) FAQs could be beneficial for young adults who are struggling to keep a grip on their finances.
According to a survey issued by The Co-operative Electrical - part of The Co-operative Group - one-in-three people who are yet to reach their mid-thirties feel they have to use unsecured financial products to fund Christmas.
In addition, it found close to 33 per cent of people aged between 25 and 34 would turn to credit cards if they had a request for a loan or overdraft declined, with almost ten per cent admitting they would use payday loans.
IVA FAQs could, however, show those of you in a similar financial position - as a result of unsecured debts - there is a way out of their money troubles.
The method of insolvency whittles away money owed on credit cards and personal loans over a period of five years.
David Sanderson from The Co-operative Electrical said: "The social consequences of poor money management coupled with a lack of understanding of the true cost of borrowing can have long-term implications for both individuals and communities."
By Ashley Littley
- 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
- Will today be the day you consider an IVA?
