Wednesday 14th of October 2009
An individual voluntary arrangement (IVA) could be of interest to some of the growing number of unemployed Britons.
The number of people in employment and the employment rate have both fallen in the last quarter, reports the Office for National Statistics.
A total of 28.95 million people were in work up until the end of August - a figure that is 45,000 down on the previous quarter.
Britain’s unemployment rate is also up - it now stands at 7.9 per cent which is a rise of 0.3 per cent in the quarter and 2.1 per cent over the year.
IVA advice could be useful to any of the UK households who are suffering a reduced income after a family member was laid off.
Lower income can affect your ability to fund mortgage repayments and pay off other debts such as credit cards.
But an IVA can freeze interest rates on unsecured debt and reorganise repayments, which may mean cash-strapped families find it easier to meet mortgage demands.
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