Friday 21st of May 2010
Individual voluntary arrangement (IVA) FAQs could offer you all the information you need to try and whittle down the debt accrued on store and credit cards over the last few years.
It was announced yesterday (May 20th) by the government that it is to ban excessive interest rates on plastic products such as these.
However, the damage may well have already been done for many Brits who have had to juggle the cost of living with forking out their hard-earned cash on interest and unsecured debt repayments.
If you’ve found yourself owing more than £15,000 on plastic, seeking advice from IVA FAQs could be beneficial.
That’s because IVAs offer you the chance to get out of the red by combining all of your various debts into one - and freezing the interest on them at the same time.
IVAs may also show you the level of discipline that’s required to make sure you stay on top of your money.
And now could be the time to end the financial strain caused by credit and store cars, which "[contribute] to the mountain of personal debt in the UK and [entice] vulnerable customers into debt", according to Steven Law, R3 president.
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
- Information on IVAs to help couples retain grip on finances?
