Monday 14th of June 2010
Individual voluntary arrangement (IVA) questions could be beneficial for those of you who want to start saving for your kids’ futures but have debts that swallow up your disposable income.
Figures from Aviva show 47 per cent of parents believe making sure their child saves into a pension is essential, with 36 per cent hoping they themselves can offer a helping hand by kick-starting their pension pots.
An IVA may, however, offer assistance to families who are struggling to get by because of the amount of cash they owe on credit cards and personal loans.
If you can’t find enough disposable income to use to boost your children’s coffers due to hefty debt repayments, the form of insolvency might help by chipping away at the outstanding balances and freeing up income to go towards the savings account.
However, asking questions on IVAs will show you they take a lot of hard work and can only be completed if you have enough discipline to meet the reduced-rate monthly outlay.
But it just may be worth it once you’re completely debt-free and in a position to offer your child a financially-secure future.
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
- 'Wake-up call' could lead borrowers to seek IVA advice
