Wednesday 9th of June 2010
Individual voluntary arrangement (IVA) questions could help provide information to Britons who are having trouble filling their coffers because their debts are spiralling out of control.
According to figures from Santander, one in four people in the UK have no savings to fall back on in case of an emergency, while 39 per cent have stopped putting cash away altogether for the time being.
It can be difficult at the best of times to find money to save up, but when you’ve got debts to repay every month, it can seem impossible.
IVAs may, however, help you overcome this problem, as they chip away at unsecured debts worth more than £15,000 and could have you debt free after around five years.
Although you must show you have the means and discipline to meet the reduced-rate monthly repayment, it could be that the hard work is worth it when you find you have spare income to use towards boosting your funds.
Asking questions on IVAs, therefore, might be a sensible option in a time when so many people are struggling to get by, never mind prepare their bank balances for what the future may hold.
- 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 answers might help couples take responsibility for their cash
