Wednesday 28th of April 2010
Asking individual voluntary arrangement (IVA) questions could be the sensible first step for Brits who are burdened with large unsecured debts and have a job in the private sector.
That’s because new research from the Chartered Management Institute shows some 52 per cent of UK firms have reacted to the recession by freezing their employees’ pay.
And this is all in spite of rising inflation.
If you owe more than £15,000 on credit cards and personal loans and work in the private sector, it may be that you’re worried about how you’re going to put food on the table with large debts, increasing living costs and stagnant income to juggle.
IVAs, however, could help you get your finances back on track, cutting your debts over a period of five years and offering you the chance to emerge out of the red.
And with IVAs, you may be able to offset the disappointment of a pay freeze with the peace of mind that you can afford to pay for the essentials without having to deal with spiralling debts.
By Chris King
- 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
- IVAs could help Britons achieve a comfortable lifestyle by other means
