Monday 5th of July 2010
Individual voluntary arrangement (IVA) information may prove beneficial for those still looking to credit to get by.
Research by the Bank of England indicated demand for unsecured loans is continuing to increase, which could mean more Britons are adding to their debt worries.
But IVA answers can help you see there is a way out of the cycle of borrowing, as long as you are willing to put in the hard work over a period of five years.
This form of insolvency is available to those who owe at least £15,000 to three or more creditors and can be an alternative for those whose career prospects would be jeopardised by bankruptcy.
And with the Bank of England finding financial institutions have been tightening their criteria for unsecured lending, now may be the time to stop relying on credit to get by and look for a way out of debt.
By Mark Waterman
- 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
- IVA help could prevent further credit card defaults
