Thursday 12th of August 2010
Asking individual voluntary arrangement (IVA) questions sooner rather than later may benefit those of you who are concerned about the news people are still struggling to stay in jobs.
Labour market data from the Office for National Statistics shows increasing numbers of people have found themselves out of work as a result of the credit crunch and the ensuing recession.
In 2007, 1.65 million were unemployed, but now there are 2.46 without a job.
Questions on IVAs may, however, provide useful information that offers those of you saddled with unsecured debt a way of getting your finances in order once and for all.
And this looks increasingly important given the apparent insecurity of the employment market at the moment.
The measure is only available for people who are in a full-time job and owe more than £15,000 on unsecured financial products, but it could be a good way of making sure your bank balance is ready to deal with any unexpected events in the future - such as a redundancy.
Money Advice Trust's head of research and policy Laura Parker says: "Continuing high levels of unemployment are leading to rising personal debt problems."
By Ashley Littley
- 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 answers to offer information to cash-strapped homeowners?
