Wednesday 21st of April 2010
Seeking individual voluntary arrangement (IVA) answers sooner rather than later could get your finances in order and prepare you for unexpected unemployment or redundancy.
Latest figures from the Office for National Statistics show the rate of joblessness currently stands at eight per cent, rising by 43,000 over the last 12 months.
Unemployment in Britain is now at its highest for 16 years.
IVAs, however - while only available for people who are working - could help those of you with unsecured debts of over £15,000 get out of the red and ensure you’re ready for any unpredicted spells of joblessness the future may hold.
IVAs also freeze interest rates on your credit card and personal loan debts, potentially making it easier for you to get your bank balance back on the right track.
Having to juggle debt repayments when you’ve got no income could leave you with financial troubles spiralling out of control and might even lead to you losing your family home.
So asking IVA questions may be a wise option if you want to make sure you can withstand testing times in the future.
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
- Courts 'kept busy' by Britons seeking IVA help
