Monday 26th of April 2010
Individual voluntary arrangements (IVAs) might offer a helping hand to those of you sick and tired of being held back by spiralling unsecured debts.
According to ING Direct, a growing number of people in the UK are taking the time to wipe out the money they owe and start afresh in building up their coffers.
If this sounds like something that would benefit you, an IVA could be a sensible option.
IVAs give you the chance to become debt-free after a period of five to six years if you’ve got unsecured debts worth more than £15,000 and you’re able to meet the repayments.
And if you owe cash to a number of different lenders, you could find yourself in more control of your various bills, as IVAs merge all of your repayments into one, controllable monthly outlay.
Johan de Witt, chief executive officer of ING Direct, comments: "There is clearly a trend that people have given high priority in a financial crisis to paying off debt."
And by asking IVA questions, you too could be one of those people starting the process of moving out of the red towards good financial health and a life without the burden of debt.
By Ashley Littley
- 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 advice may be a better option to remortgaging
