Thursday 19th of August 2010
The number of Britons seeking debt advice could be set to increase, as many have reported feeling worse off than they did a year ago.
According to Gocompare.com, more than two-fifths of people believe their standing is not as positive as it was at this time in 2009.
And 25 per cent revealed they have had to cut back in various ways in order to cope.
If you are struggling to keep on top of your finances and having to rely on credit as a result, information on individual voluntary arrangements (IVAs) may allow you to get back on track.
An IVA allows those owing more than £15,000 to start with a clean slate, after five years of monthly repayments that require hard work and commitment.
Such a solution may be in particular demand at present, as business development director at Gocompare.com John Miles commented: "With the economic downturn biting hard, many consumers are now struggling to make ends meet."
By Rachel Powell
- 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
- IVA questions could help new parents overcome debt difficulties
