Monday 26th of April 2010
Individual voluntary arrangements (IVAs) could offer parents the peace of mind that they’re no longer afflicting their debt problems on their children.
That’s because research from Halifax shows British kids are increasingly interested in money management and are looking to their mums and dads to teach them all about it.
Some 69 per cent want to be given advice and guidance on how to look after their cash.
But how can you do that when you’re dealing with large unsecured debts on credit cards and personal loans everyday?
An IVA could help you get across the importance of being debt-free to your kids by getting you out of the red yourself - if the amount of cash you owe is over £15,000.
IVAs are not an easy option, but can show your little ones how vital it is to be disciplined when trying to get out of debt?
If you allow your unsecured debts to continue spiralling upward, you could find your children follow suit in later life, due to not being advised on the significance of keeping out of the red.
By Hayley Jones
- 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
- An IVA could help credit card customers avoid bankruptcy
