Monday 19th of April 2010
Asking individual voluntary arrangement (IVA) questions could benefit impulse shoppers who find it hard to say no to a fancy luxury purchase and have built up considerable unsecured debts as a result.
That’s because IVAs help to wipe out money owed on credit cards and personal loans worth more than £15,000 and may have you out of the red in five years, as long as you start to shop sensibly.
IVA answers could be required by the growing number of people who, according to Sainsbury’s Finance, take out personal loans to fund the purchase of things like new cars and cosmetic surgery.
However, if your spiralling unsecured debts are making it difficult to afford essential, everyday items, it may be beneficial to opt for an IVA and sort out your finances before splashing the cash on luxury items that can wait, or may not even be required.
After all, surely keeping food on the table and a roof over your family’s head is a more pressing concern than having a new set of wheels?
By Ashley Littley
- 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
- IVAs 'recommended by CCCS for 11,877 clients'
