Wednesday 17th of March 2010
Individual voluntary arrangement (IVA) questions could make up part of the long list of things brides and grooms-to-be have to research before their big day.
Couples who are chained to large amounts of unsecured debt may be concerned about how they are going to cover the cost of their day, especially if their parents are only able to provide a modest amount of cash.
The average couple takes between 12 and 18 months to plan their wedding, Hitched.co.uk says.
But partners who realise that realistically they will never sort their finances out in that time may decide to undertake an IVA, which takes around five years to clear debt.
Once credit and store card bills are cleared, husbands and wives-to-be can look forward to a more financially-secure future together.
Advising those planning their big day, Francesca Moore, PR and marketing officer at Hitched.co.uk, states: "When you have chosen your budget at the beginning you can then tailor your venue around your needs rather than what they have to offer."
Britons who are engaged and currently cannot see how they can afford even a basic venue because of their poor savings may want to undertake an IVA as soon as possible to get their finances in shape quickly.
While an IVA may take five years, people who don’t mind waiting a bit longer to get married may think the short-term sacrifice is worth the long-long goal of financial freedom.
Indeed, Ms Moore says some of its customers are planning weddings that are going to take place in 2013, which could indicate that many are realistic about how they are going to meet the costs.
Many Britons will not have much savings to draw on for a wedding, with a recent National Savings and Investments poll finding that 22 per cent of the UK admitted they did not start saving until they went past their 30th birthday.
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
- IVA help could protect families for the future
