Monday 12th of April 2010
Asking individual voluntary arrangement (IVA) questions sooner rather than later could help ensure you’re fully prepared for the transition from working life to retirement - and from a regular salary to none at all.
IVAs can provide you with the opportunity to get rid of the money you owe on credit cards and personal loans if it’s worth more than £15,000.
And this in turn may give your coffers a boost.
Because, after five years, you could be debt-free and stashing the cash that was once paying off your plastic addiction into a pension.
According to Legal & General unit trusts marketing director Claire Evans, you should start saving for the future as soon as possible.
"I can’t stress highly enough that the sooner we start saving the better, as your money has longer to enjoy investment growth," she advises.
If you’re worried about how you’re going to cope financially - and afford to live - after you stop working because of large debts, it may be time to start seeking IVA answers and set the savings ball rolling.
By Kimberley 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
- IVA advice could stop missed credit card repayments
