Tuesday 6th of July 2010
Information on individual voluntary arrangements (IVAs) could prove beneficial to those stuck in a cycle of debt that sees them rely on credit cards to fund activities for their children.
According to research by Turn2us, which is part of the Elizabeth Finn Care charity, more than a third of parents expect to end up in debt by the end of the summer holidays.
And with 16 per cent planning to use credit cards to pay for efforts to entertain youngsters, many could be adding to debt problems accumulated throughout the year.
However, IVA information may help you see there is a way out of such difficulties, as long as you are willing to put in the hard work required to reduce what you owe.
For those who are more than £15,000 in debt - with the money owed to at least three creditors - an IVA can freeze interest and establish an affordable repayment plan.
By Hayley Jones
- 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 offer support to struggling self-employed
