Thursday 29th of April 2010
Individual voluntary arrangements (IVAs) might benefit the large proportion of Britons who continue to live with an unstable financial situation.
While the recession may be officially over, much of the public hasn’t seen conditions improve, continuously finding it difficult to pay for everyday essentials and deal with money they owe.
In fact, research from Scottish Widows shows 22 per cent of UK adults believe their personal debt is their biggest financial problem.
IVAs, though, can offer these people a chance to emerge from the red and get a grip on their bank balances, if they owe more than £15,000 on credit cards and personal loans.
What’s more, IVAs could make it easier to get on top of their unsecured debts, as they freeze the interest on the cash owed and merge repayments into one, controllable monthly outlay.
Scottish Widows also finds that 22 per cent hide their head in the sand when it comes to their debts.
Asking IVA questions, however, could be the first step to facing up to your money worries and getting your finances back on track.
By Rachel Powell
- 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 advice could help over-50s see off the credit crunch
