Sunday 11th of July 2010
Individual voluntary arrangement (IVA) questions could help self-employed Britons understand they no longer need to keep on dipping into their personal finances to help run their enterprises.
According to new figures from Begbies Traynor, the average amount of cash owed by firms in financial distress has grown by 60 per cent to £545,000 in the second quarter of 2010.
It can be tempting for self-employed Brits to put their hands into their own pockets to try and combat their company’s deficit, but this could lead to soaring debts on credit cards and personal loans taken out to plug the gap.
Questions on IVAs may, therefore, yield priceless information that helps Britons cut the cash owed on unsecured financial products worth more than £15,000.
Embarking on an IVA too, might help people realise the need for discipline and hard work when trying to keep their - or their business’s - finances in order and in the black.
By Chris King
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- 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 you deal with life's unexpected events
