Wednesday 26th of May 2010
Individual voluntary arrangement (IVA) answers could come in handy for people who feel now is the time to take charge of their finances and get out of debt once and for all.
According to Chris Tapp, director of Credit Action, consumer confidence among cash-strapped Britons will only return once people are in control of their bank balances and adequately managing their resources.
However, many may feel this is currently impossible due to large unsecured debt repayments that have to be sorted out every month.
IVAs, though, could offer assistance, as they give you the chance to cut the money you owe on credit cards and personal loans worth more than £15,000.
They also protect the equity on your home, so if you’re facing insolvency and worried about the prospect of repossession during bankruptcy, IVAs may help you avoid that terrible possibility.
Mr Tapp adds: "People need to get back to basics of living within their means. A more confident consumer is one that is in control."
And seeking IVA answers could be one way of regaining that control.
By Chris King
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- 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 information to help those hit by benefit changes?
