Friday 8th of January 2010
If you have a number of unsecured debts spread across different credit and store cards then trying to keep up with your repayments could feel like a full-time job, although an individual voluntary arrangement (IVA) could help you get back on track.
Debt acquired through taking out different loans and credit cards may be taking its toll and all the separate interest repayments could make your financial troubles appear uncontrollable, Nationwide says.
As such, the building society expects more of you to be seeking debt advice this year, which could include asking questions on IVAs to discover whether or not they are suitable for your situation.
IVAs can merge different unsecured debt commitments into one monthly, frozen interest repayment, which could help you get your finances on track in 2010 and for the future.
"Consumers should consider all borrowing options carefully and seek independent advice if they require more assistance," explains Richard Napier, Nationwide’s head of credit cards and personal loans.
But rather than borrowing more cash, clearing what you owe through an IVA could be a better financial new year’s resolution to make.
By Kim Parsons
- 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
- Government cuts to increase need for IVA answers?
