Tuesday 26th of October 2010
Asking individual voluntary arrangement (IVA) questions could be a wise idea for those of you who are ready to take full control of your finances and change your attitude to debt.
According to Mark Sands, national head of bankruptcy at RSM Tenon, people have become increasingly comfortable with getting into the red over the past 20 years, with individuals today seemingly thinking it is fine for them to renege on their repayments.
He went on to suggest growing numbers of women have ended up with cash troubles in recent times as a result of them becoming more independent and keen to spend their own money, rather than relying on their male counterparts to foot various bills.
Questions on IVAs could, however, be beneficial for those of you who want to stop being so complacent about your financial situation and get back into the black.
The method of insolvency offers people the chance to chip away at the money they owe over a period of around five years, while also protecting the equity on their home and not requiring details of their troubles to be published in the local newspaper.
By Neil Burton
- 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
- Retirement on the horizon? IVA answers could help
