Friday 16th of April 2010
Asking individual voluntary arrangement (IVA) questions could become increasingly popular among Brits who are finding it difficult to live with large amounts of unsecured debts.
If you’ve got debts on credit cards and personal loans worth £15,000 or more, IVAs can merge all of your different repayments into one, controllable monthly outlay and freeze their interest rates at the same time.
And it’s entirely possible that IVAs will help you regain the reins of your finances and have you debt-free in five years’ time.
Writing on the Motley Fool’s Dealing With Debt message board, member notscaredanymore commented that he took on an IVA two years ago.
"At the [start] we had £100[,000] of debt and I worked for a bank. We now have no debt - and I have not worked since December 2005 due to ill health - … and a little savings," he explained.
He added that the IVA had not been easy - but has helped his family learn a lot about how to save up for emergencies.
By Hayley Jones
- 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 provide answers for cash-strapped mums
