Wednesday 5th of May 2010
Individual voluntary arrangements (IVAs) could offer respite to Brits who can’t get enough of splashing their cash - and end up stuck in the red as a result.
With a hole-in-the-wall on practically every corner of the high street these days, it’s easy to get sucked into the habit of withdrawing sums of money on a regular basis.
And according to figures from cash machine network Link, some £590 million was taken out last Friday (April 30th) around the UK, beating the previous record registered on Christmas Eve 2009 by £25 million.
IVA answers, however, may offer a helping hand to those of you who find it hard to stay away from the ATM and have consequently racked up serious unsecured debts.
That’s because IVAs could have you debt-free after five years, chipping away at money owed on credit cards worth more than £15,000 and offering you more control over your finances.
And you may find the process teaches you that constant access to cash may not always be a good thing.
By Kimberley Parsons
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- 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 may combat steep rise in airline fees
