Wednesday 31st of March 2010
If you’re worried about losing your grip on your finances, you may want to ask individual voluntary arrangement (IVA) questions sooner rather than later to ensure your debts don’t start spiralling out of control.
That’s because things don’t seem to be getting any easier for households in this country - with the latest Credit Action statistics showing that personal debt is rising.
However, IVAs could provide you with some much-needed respite by cutting the money you owe on credit cards and loans, if it’s worth more than £15,000.
By freezing interest rates on unsecured debts, IVAs can make repayments more manageable and might help you find peace of mind in the knowledge you’re not adding to your previously out-of-control finances.
According to Credit Action’s report, total UK personal debt at the end of February stood at £1.464 billion - up nine per cent compared to the year before.
In addition, the figures show average household debt is £58,083, more than the £58,040 registered in January.
Written by Ashley Littley
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- IVA answers may provide debt support to struggling families
