Friday 25th of June 2010
When you’re building up large amounts of debt on various fronts it can feel like there is no way out, but individual voluntary arrangement (IVA) answers may be able to help.
In addition to personal loans and credit cards, many people today may be heavily relying on overdrafts in order to fuel their everyday spending.
But this can quickly lead to debts spiralling out of control and Moneynet has highlighted the fact that even authorised overdrafts can incur high daily or monthly charges.
IVA information may help those of you who are struggling to keep on top of your finances, if you owe more than £15,000 to at least three creditors.
After around five years of dedication an IVA can clear your debts, allowing you to start with a clean slate without having to declare yourself bankrupt.
Moneynet’s Andrew Hagger commented on the prospect of authorised overdraft charges, stating: "With all of us having to watch the pennies more closely following the Budget changes announced this week, the last thing consumers need is to be hit with additional costs for managing their money."
By Kimberley Parsons
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- 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
- Debt problems affecting your personal life? Seeking IVA answers may be a wise choice
