Tuesday 13th of April 2010
Asking individual voluntary arrangement (IVA) questions as soon as possible is an option for Brits who rely on credit cards and personal loans but can’t meet their minimum repayments every month.
Writing on the GMTV website, Money Saving Expert’s Martin Lewis suggests those struggling to both pay back the minimum amount of money they owe and afford their other outgoings need to do something about it immediately.
"This means you are in debt crisis and need to urgently seek help," he says.
Assistance could come in the form of an IVA, if your unsecured debts amount to more than £15,000.
IVAs won’t clear your debts immediately, but after a period of five years you might find yourself debt-free and unburdened by the constant doubt and concern over paying back the money you owe each month.
This extra income could be put towards savings, pensions or investments, meaning yourself and your family may end up looking forward to a much more stable financial future - something extremely important in this economic climate.
- 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
- Britons may find an IVA answers interest problems
