Monday 28th of June 2010
Information on individual voluntary arrangements (IVAs) could be of use to those who are taking more care over their finances as a result of the recession.
Phil Perry, director of ARK Financial Planning, has highlighted the fact that many Britons have been prompted to "sit up and take notice" of their situation.
For some, this could have led to the realisation that they have been living beyond their means, with excessive borrowing through various forms of finance leaving them in a difficult position.
However, if you find yourself unable to repay what you owe, IVA answers could help you realise there is a way out - as long as you meet certain criteria and are willing to put in the hard work required.
The solution could be ideal for those who Mr Perry observed have realised they don’t have any money to fall back on at present and he noted: "I think there is a major concern about being stuck in a situation that ultimately results in having to increase borrowing."
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 may provide the answer for Brits with saving desires
