Friday 17th of September 2010
Individual voluntary arrangement (IVA) FAQs may be an indispensable source of information for those of you who find it tough to cut down on your use of credit cards and have ended up burdened with serious levels of debt as a result.
According to financial expert Alvin Hall - who presented the BBC's Your Money or Your Life - growing numbers of people are trying to stop using plastic as much as they have in the past, as they try and regain a grip on their finances in the aftermath of the recession.
He says: "People are reducing their use of credit cards. By doing that - and only charging each month an amount that you can afford to pay off – you are avoiding interest charges."
IVA FAQs might, though, help those of you who want to start reining in your spending on plastic but find it difficult to kick the habit.
This is because the method of insolvency could have you out of the red after around five years of meeting reduced-rate monthly debt repayments on credit cards or personal loans.
The measure is only available for those in full-time employment and who owe more than £15,000 to three or more creditors, but it may be a wise choice if you're ready to take responsibility for your spending and erase your deficit.
By Neil Burton
- 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
- Could an IVA help you get saving savvy in the future?
