Thursday 29th of April 2010
Individual voluntary arrangements (IVAs) could provide assistance to people who have found themselves in serious amounts of debt as a result of their inexperience in dealing with finances.
And according to a spokesman from moneysupermarket.com, it’s young people in particular who are at risk of becoming debt-ridden because of a lack of education in money matters.
"They don’t know how to use the products [that] they have - things like credit cards. People don’t know how to use [them] correctly and get into trouble as a result," he said.
If this lack of understanding of financial products has landed you with more than £15,000 of unsecured debt, you could find IVAs offer you a way out of your money troubles.
IVAs freeze the interest on the cash you owe and merge your repayments into one, controllable, reduced-rate outlay, meaning you may be able to get a grip on your finances before your debts start spiralling out of control.
And that goes for older people too - if you want to cut down your debt and drag yourself out of the red, asking IVA questionsmight be a sensible option.
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- 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
- Could an IVA help with Christmas costs?
