Friday 13th of August 2010
Information on individual voluntary arrangements (IVAs) may help families struggling to make ends meet, with an expert highlighting the potential problems many could face.
Tim Nichols of the Child Poverty Action Group suggested the government is not fulfilling promises it made concerning poorer households.
He explained the emergency Budget was not intended to increase the number of families in poverty, but there are a number of definitions and policies will "certainly worsen child poverty for most of these measures if not all of them".
However, those who feel they are unable to cope with their debts could benefit from information on IVAs, which can help borrowers see there is a way to live within their means.
This form of insolvency allows certain people owing more than £15,000 to pay off their debt over a period of five years, although hard work and dedication is required in order for this to be successful.
By Mark Waterman
- 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
- Information on IVAs may help graduates get back on track
