Sunday 9th of May 2010
Individual voluntary arrangements (IVAs) could benefit cash-strapped Britons who want to start taking more control over the money they owe.
According to Joanna Elson, chief executive of the Money Advice Trust, UK adults appear to be changing their attitudes towards debt in the aftermath of the recession.
"People are now more cautious about borrowing and spending and think through the consequences of getting themselves in debt," she says.
If you’ve already got unsecured debts on personal loans and credit cards worth more £15,000, however, it may not be too late to get yourself out of the red and take responsibility for your money.
Asking IVA questions could be the first step on the way to becoming totally debt-free.
IVAs offer you the chance to cut your debts over a period of five years, while freezing the interest on the money you owe at the same time.
They take discipline, but this could show you you’re finally taking the responsibility and control your finances deserve.
- 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
- IVA FAQs may assist housing benefit recipients trying to take control of their finances
