Wednesday 21st of July 2010
Individual voluntary arrangement (IVA) questions may help cash-strapped Britons find information on how to put a stop to spiralling unsecured debts.
According to comments from LettingZone’s managing director Mark Garner, the amount of cash tenants need to splash out on rent every month is "definitely" going to go up in the near future.
IVA questions could, therefore, offer help to those who are worried about their ability to meet the cost of accommodation and repayments on credit cards and personal loans.
Mr Garner says: "Demand will keep on increasing and unfortunately supply is lagging behind it, so the pressure on rents will go up and [therefore] rents will go up over time."
An IVA is available for those of you who owe more than £15,000 on unsecured financial products and could leave you debt-free after around 60 reduced-rate monthly payments.
And you could find that eliminating the cash you owe once and for all gives you more room to manoeuvre when it comes to affording monthly essentials - such as keeping a roof over your head.
By Neil Burton
- 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 freeze the UK's climbing interest on debt
