Thursday 5th of August 2010
Individual voluntary arrangement (IVA) questions may benefit those of you who are finding it difficult to stop spending despite mounting debts that are making it difficult to keep your head above water.
And they could be particularly useful for store card users.
That’s because, according to Helium, these types of unsecured financial products have a number of significant disadvantages.
The website’s writer states: “Be aware that you almost certainly will be charged higher fees or interest rates, or both, on a store-issued credit card.”
Brits who are finding it difficult to cut down their debts they may have accrued on such plastic might, therefore, want to consider asking questions on IVAs.
An IVA can help you out of your debt over a period of around five years, if you owe more than £12,000 and you’re employed.
It also freezes the interest on your repayments, which could make your finances considerably more manageable.
The journalist adds: “Taking on more debt simply means more bills to have to pay, eventually.”
By Mark Waterman
- 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
- Is your wage just not enough to cover your debt commitments?
