Thursday 29th of July 2010
Individual voluntary arrangement (IVA) questions may help those of you who have enjoyed success in trying to save money, but now want to go one step further and become completely debt-free.
According to new data from Santander Current Accounts, 81 per cent of Britons have made lifestyle changes to try and reduce their spending, with 55 per cent shopping around to find the best deals on groceries and 27 per cent switching to cheaper supermarkets.
In addition, many individuals have made efforts to cut out the luxuries in their lives.
Questions on IVAs might, though, help you shore up your finances once and for all by whittling away the cash you owe on credit cards and personal loans over a period of around five years.
An IVA freezes the interest on your unsecured debt repayments and could give you the breathing space you need to make your income go further in the future.
Helen Bierton, head of Santander Current Accounts comments: "The coalition Government has warned of the impending ‘age of austerity’ for a while now, but most of the British population are already taking measures to cut down on their daily expenditure."
By Rachel Powell
- 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 lessen 2009's financial hangover
