Friday 16th of July 2010
Individual voluntary arrangement (IVA) questions might show working-age individuals in the UK that it isn’t necessary to delay their retirement to try and get their finances in order.
Figures from LV= show some 2.8 million people in Britain are planning on extending their career to help them keep their heads above water, with 47 per cent of these people disappointed by their situation.
In addition, 18 per cent are angry about what is happening.
Asking IVA questions could, however, be a wise move for those of you who have mounting debts that are keeping you in your job against your will.
IVAs are available for people who are employed and owe more than £15,000 on unsecured financial products to three or more creditors.
They offer you the chance to cut down all of the money you owe on the likes of credit cards and personal loans and finally get out of the red.
And embarking on one now could mean your finances are in order after around five years, leaving you free to retire without worrying about how you’re going to support yourself.
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
- An IVA could reduce anxiety caused by serious debt
