Tuesday 10th of August 2010
The demand for individual voluntary arrangements (IVA) questions could be set to grow if money troubles continue to affect the lives of a multitude of Britons.
Speaking to the Daily Telegraph, director of personal insolvency at KPMG Chris Nutting explains there may be more people struggling with debts if interest rates rise in the near future.
Questions on IVAs might, however, offer you a much-needed reprieve from your cash troubles if you owe more than £12,000 on unsecured financial products.
The method takes around five years and a lot of effort to complete, but you may find the discipline is worth it once you’re out of the red – and it may even teach you how important it is to keep full control over your bank balance in the future.
“The broader economic picture suggests a bleak future for a large number of people as they struggle to pay off their debts whilst employment prospects, especially in the public sector, continue to be uncertain,” Mr Nutting says.
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
- Debt problems affecting your personal life? Seeking IVA answers may be a wise choice
