Wednesday 30th of September 2009
An individual voluntary arrangement (IVA) could be the best way to tackle your credit card debts.
Figures released yesterday (September 29th) by the Bank of England show that credit card loans rose by £0.2 billion in August.
IVAs help consumers with unsecured debts, such as credit card spending, by restructuring their repayments. IVAs may be able to lengthen payment schedules and freeze interest rates - which could be ideal for credit card debts, as they often have sky-high annual repayment rates)
The Bank of England’s statistics also show that loans secured on property, such as mortgages, increased by £1 million in the same period.
While an IVA cannot assist you with a mortgage, it may be so effective in tidying up your other unsecured loans so that mortgage repayments are easier to control.
Tomorrow (October 1st) the Credit Action report is set to be made public which will reveal the bigger picture on Britain’s spending habits and current debts.
- 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 support poorer families
