Monday 7th of June 2010
Individual voluntary arrangement (IVA) questions might be a way for men across Britain to start getting their finances in order, following comments from the Consumer Credit Counselling Service (CCCS).
According to the charity, UK males appear to be those hit hardest by the recession, with growing numbers seeking debt help due to rising unemployment, climbing household expenditure and slow rates of salary increases.
In fact, 51 per cent more men have contacted the CCCS for advice since 2007.
Asking questions on IVAs, may, however, be a timely option for those of you struggling with money worries.
IVAs could have you debt-free after five years, with renewed control over your financial situation and more knowledge of the discipline required to ensure you don’t slip back into the red.
They also protect the equity on your family home and may not obstruct your career path in certain sectors, which might not be the case if you turn to bankruptcy instead.
"This deterioration in the economic circumstances for men, still the main breadwinner in most homes, has serious implications for many households," chairman of the CCCS Malcolm Hurlston says.
By Hayley Jones
- 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
- An IVA may avoid bankruptcy "heartbreak"
