Wednesday 23rd of June 2010
Those struggling to repay their debts may feel that this week’s emergency Budget added to their problems, but individual voluntary arrangement (IVA) information could help you find a way out of financial difficulty.
Chancellor George Osborne described the measures taken, which included tax increases, as "unavoidable".
A rise in VAT from 17.5 per cent to 20 per cent was confirmed, which could add to the difficulties of those already struggling with money by increasing the cost of large purchases.
But IVA information could show you it is possible to reduce what you owe and regain control over your finances, allowing you to become more disciplined in your spending.
IVAs can see debts paid off after a period of five years, although they do involve hard work and commitment.
Such help may well be required by some of the many people who Mark Wallace of the Taxpayers’ Alliance believes have been hit "in the pockets" by the Budget and he added that the VAT rise "unfairly pressures the poor".
By Chris King
- 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
- IVAs 'a good idea for the right people'
