Monday 6th of September 2010
Individual voluntary arrangement (IVA) questions could be beneficial for people who are concerned about the prospect of losing their job and want to make sure their finances are healthy in case anything unexpected occurs in the future.
According to new figures from the Consumer Credit Counselling Service (CCCS), some 14,446 people who got in touch with the charity in the first half of the year were Jobseeker's Allowance claimants.
In addition, they show there are currently three times more people who are in debt and claiming the benefit than in the general population.
Questions on IVAs could, however, offer ample information to Britons who are worried about the state of their bank balance, despite being in employment.
The measure is only available to people who have a full-time job and the means to meet around 60 reduced-rate monthly repayments.
But if you're anxious about how you will cope with your escalating unsecured debts if you were to end up out of work, now may be the time to tackle the problem head-on and get an IVA, which could have you out of the red after approximately five years.
Commenting on the data, CCCS chairman Malcolm Hurlston says: "Unemployment can devastate the finances of any family and our experience shows that once somebody with few financial options is forced to take out a loan to cover living costs they are often then trapped in debt."
By Kimberley Parsons
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