Thursday 24th of June 2010
Households concerned the Budget will leave them worse off may want to consider seeking individual voluntary arrangement (IVA) information.
While the threshold at which income tax needs to be paid has been raised, founder of Moneymagpie Jasmine Birtles has suggested low earners will see the benefits offset in other ways.
Child benefits are being frozen, which she noted will mean they become less effective - depending on inflation - and tax credits are to be cut for those with a combined income of more than £40,000.
Those who are in debt may well feel the measures will add to their worries, but IVA answers could help them see there is a way to reduce what they owe and get on top of their finances.
If you owe more than £15,000 to three or more creditors and are struggling to meet monthly repayments, an IVA can help you pay off the debts - typically over a period of five years, although it does require commitment and hard work.
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
- IVA questions could help as credit card take-up increase is expected
