Monday 12th of July 2010
Individual voluntary arrangement (IVA) questions may help single parents in Britain get rid of their money worries and ensure their income can be spent on creating priceless memories with their kids in future years.
Figures from mymoneysupermarket.com show families expect to shell out a total of £5.6 billion on activities with their children over the summer holidays this year.
In addition, they reveal 64 per cent are worried by how much the school break is going to cost them.
Questions on IVAs may, however, provide invaluable information to those of you who have too much debt to be able to regularly treat your children.
This is because an IVA freezes the interest on the money owed on unsecured financial products and merges all of your repayments into one, reduced-rate monthly outlay, cutting down your deficit over a period of around five years.
Darren Cook, spokesperson for Moneyfacts.co.uk, comments: "Single parents and those on a tight budget will find it difficult to fulfil all their children’s wishes during this summer."
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
- Worried about raising a family? An IVA could improve your finances
