Wednesday 30th of June 2010
Individual voluntary arrangement (IVA) questions could help those of you who have run up serious amounts of credit card debt find the information you need to get out of the red.
Being a convenient, yet relatively expensive, way of paying for goods, many find themselves in financial trouble if they can’t keep up with the monthly repayments.
And this could be the case for yet more individuals, after Standard Chartered told BusinessWorld it expects take-up of credit cards to increase by 14 per cent before the end of the year.
Questions on IVAs could, however, show you that you no longer have to rely on plastic to stay afloat and can become debt-free after around five years.
While the form of insolvency requires much hard work and discipline, it also offers you the chance to freeze the interest on the cash you owe and whittle away unsecured debts worth more than £15,000.
Supratim Pandey, Standard Chartered general manager for lending and transaction banking, told the publication the bank should see its number of credit cards grow from 175,000 to 200,000 by the start of 2011.
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
- IVAs could help Brits over the deposit hurdle
