Sunday 25th of April 2010
Researching individual voluntary arrangement (IVA) answers might be beneficial if you’re ambitious but being held back by large debts.
That’s because IVAs give you the chance to clear your debts - if they’re over £15,000 and unsecured - over a number of years and shouldn’t affect your career, unlike bankruptcy.
A spokesman for the Consumer Credit Counselling Service says: "Bankruptcy … affects your eligibility for certain job roles - for instance, restrictions apply to company directors, chartered accountants and lawyers, activity with limited companies and various public offices."
IVAs, therefore, could get you out of the red, while keeping your career on track at the same time.
After all, climbing the professional ladder and earning growing amounts of income is surely one way to ensure you have enough cash to cover daily outgoings and reduce the need to stick your neck on the line and borrow in the future.
- 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
- Economic recovery may not mean that IVAs are no longer needed
