Thursday 16th of September 2010
Asking individual voluntary arrangement (IVA) questions may be beneficial for those of you who have soaring levels of debt but realise it's important to try and take control of your finances.
Figures from Southern Electric and Opinion Matters show 30 per cent of the population believe they are control freaks when it comes to their money.
In addition, the research finds 42 per cent of respondents say they have really taken charge of their finances over the last five years.
If you're racked with debt but desperately want to try and get out of the red, IVA questions could help you find some much-needed information on how to do it.
The process cuts money owed on credit cards and personal loans over a period of around five years by merging your unsecured debt repayments into one reduced-rate monthly outlay.
Although an IVA requires serious dedication and hard work, it might just start the ball rolling on taking complete responsibility for your bank balance.
Commenting on the findings, financial expert Alvin Hall says: "Being in control is a good thing in a difficult economy."
By Chris King
- 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 be needed for Brits who won't give up credit cards
