Saturday 16th of October 2010
Individual voluntary arrangement (IVA) questions could offer support to debt-ridden Britons who want to take control of their finances and get out of the red once and for all.
According to research from Skipton Building Society, there are a number of factors that cause people to start saving up [del?] for the future, including their homes, their heirs and their happiness.
The study finds some £77,000 is held in coffers by those hoping to purchase a new house in the future, while £42,000 is saved for loved ones in the form of inheritance.
However, the figures also show people set aside around £30,000 for their happiness, which entails funds for getting away from it all and going travelling, in addition to finances for drinking alcohol.
Questions on IVAs could, however, be beneficial for people who owe serious amounts of money and want to start saving for the future.
The measure might wipe out deficits of £15,000 or more, if you have balances outstanding with three or more creditors.
And you could find this frees up more income to put towards your much-needed nest egg.
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
- IVA FAQs could offer you peace of mind in face of job worries
