Monday 21st of June 2010
Individual voluntary arrangement (IVA) questions might be a sensible way of finding information on how new parents can cut out the stress of juggling unsecured debts with increased living costs.
According to David Rodger, managing director of the Debt Advice Foundation, mums and dads can be hit hard by serious financial burdens after the birth of a child, which could lead to a rise in anxiety and a reduced ability to provide their baby with everything it needs in its early days.
Questions on IVAs could, however, show that you don’t have to suffer in silence if you’re struggling to get by and worried about the effect your debts will have on your ability to bring up your young one.
"With all the excitement that a baby brings it’s easy to bury your head in the sand about debt - but unfortunately this simply makes the problem worse," Mr Rodger says.
Researching IVAs might be one way you can find out how to whittle away the cash you owe on credit cards and personal loans over a prolonged period of time and free up income for essential items for your child.
And they could also show you it is entirely possible to face up to your problems and finally take full control of your money.
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 could provide answers for cash-strapped mums
