Monday 23rd of August 2010
Individual voluntary arrangement (IVA) questions might be helpful for those of you who have garnered significant amounts of debt and want to avoid adding to your deficit.
According to Martin Bamford, chartered financial planner and managing director at Informed Choice, money troubles are best dodged by "very careful planning".
He adds most people find themselves with serious problems when they do not have the chance to prepare for unexpected events that occur.
If you owe more than £15,000 on unsecured financial products but want to start organising your finances so you are ready for any unplanned occasions that crop up in the future, asking questions on IVAs may be beneficial.
That's because they offer you the chance to clear the cash you owe over a period of around five years through reduced-rate monthly repayments that merge all of your outlay into one.
And you may find your debts are easier to manage as a result of the measure, as it also freezes the interest on outstanding balances.
Mr Bamford's remarks follow figures from Scottish Widows, which showed eight per cent of adults have lent an average of £8,250 to their parents.
By Chris King
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