Monday 10th of May 2010
Individual voluntary arrangements (IVAs) may provide a helping hand to those who have accumulated serious amounts of unsecured debt because of the state of their business.
According to Kensington Mortgages, the number of self-employed people in the UK has risen by around 1.2 million in the last 24 months - largely as a result of the recession.
And this could lead to company bosses ending up deep in the red and searching for IVA answers.
That’s because a spokesman for the Consumer Credit Counselling Service explains: "Mixing business and personal finances is a mistake someone who is self-employed can make."
IVAs may offer you a boost, however, if you’ve relied on personal loans or credit cards to keep your enterprise afloat in the economic downturn.
And providing you have the means and discipline to meet the reduced-rate monthly IVA repayments, you could find yourself debt-free after five years, with the peace of mind you are not putting your own finances in jeopardy as a result of your work.
By Chris King
- 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
- Debt problems 'prompting increase in complaints'
