Tuesday 24th of November 2009
Comedian Michael McIntyre reveals that just three years ago he was £40,000 in debt - a significant sum which an individual voluntary arrangement (IVA) could help to reduce.
Speaking to the Mirror, he says the high amount of debt meant he struggled to pay his rent for the home he shared with his wife and baby.
He explains it was the birth of his son Lucas - who is now four - that pushed him into sorting out his finances, which he did by working every night until he appeared at the Royal Variety Show a year later.
Britons who face unsecured debts which run into tens of thousands and who also have a family to look after may find an IVA proves to be of some support.
An IVA can freeze the interest rate on unsecured borrowings, which could prove a relief if debts such as McIntyre’s continue to rise because of high interest repayments.
"Everything had spiralled out of control. I didn’t own anything, we couldn’t pay the rent. I was using an upturned old microwave I’d found in a skip as a table," the comedian - currently on a UK tour - tells the newspaper.
By Neil Burton
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- Information on IVAs may assist Brits cutting out the credit
