Thursday 7th of October 2010
One struggling Brit has revealed he now sees the light at the end of the tunnel after undertaking an individual voluntary arrangement (IVA).
According to the Daily Mirror, one of its readers recently explained he amassed serious levels of unsecured debt on credit card after having to rely on plastic following a serious injury and loss of earnings.
"Pulling together the cash to keep up the monthly repayments was getting difficult," he explained.
As a result, the reader noted he decided to seek help from a debt management firm, but ended up deeper in the red when the company made him pay yet more every month.
However, he stated he has since embarked on an IVA and now believes his troubles are nearly over.
"I can at last see a way out and feel that I may one day be debt free. That’s all I ever wanted," he said.
The measure could do the same for you if you owe more than £15,000 on unsecured financial products such as credit cards and personal loans and leave you completely debt free at the end of the process.
However, it does not guarantee an easy way out of your financial woes, as it requires a lot of hard work and effort to meet the reduced-rate monthly repayments.
- 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
- Debt problems 'affecting the affluent too'
