Saturday 26th of June 2010
Individual voluntary arrangement (IVA) answers may help those whose confidence has taken a hit as a result of this week’s Budget.
Research by uSwitch.com revealed two-thirds of consumers now feel worse off, with more than a quarter prompted to cut back on their spending.
IVA information could, however, help those in debt realise there is a way out of their problems.
As long as you are employed, self-employed or at least not entirely dependent on benefits, you could find that an IVA allows you to work your way out of debt.
The solution is only available if you owe more than £15,000 and requires five years of commitment to repay the debt, but after that you will be able to start fresh.
It may be ideal for those worried about what the future holds, particularly as Ann Robinson of uSwitch.com said of the Budget: "While it may succeed in tackling the national debt in the long run, consumers are clearly concerned about what it means for them personally in the shorter run."
By Rachel Powell
- 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
- Redundancy concerns 'could require IVA advice'
