Tuesday 10th of August 2010
Individual voluntary arrangement (IVA) FAQs may show older individuals it’s possible to get their finances in order before they leave their job.
According to data from Scottish Widows, money worries are the biggest challenge to retirees once they have finished working.
Research by the company shows 30 per cent do not feel they have enough cash to enjoy their new-found free time.
IVA FAQs may, however, make a big difference to those of you who are still employed but want to get rid of the cash you owe before you retire.
The method takes around five years to complete, but merges all your repayments into one, reduced-rate monthly outlay.
In addition, an IVA protects the equity on your home, potentially helping you get rid of all of the worry over what may happen if your debts continue to escalate out of control.
Alison Morris, savings expert at Scottish Widows, says a good way to alleviate stress is to ensure you have adequate savings in time for your retirement.
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
- IVA questions may help debt-ridden borrowers
