Friday 5th of March 2010
If you do not have the motivation to clear your unsecured debts because you think you will get help from elsewhere then you may want to re-assess this opinion and instead get some answers on individual voluntary arrangements (IVA).
LifeSearch reveals that many of you overestimate the amount of cash your family will get in state aid should the worst happen or you become seriously ill.
If you are unwell you are entitled to sick pay but this will soon run out. If your partner’s income alone is not enough to keep up with your debt repayments then you could soon find yourself struggling with a number of arrears.
Clearing your debt through an IVA as soon as possible could help prevent such a financial disaster.
But if you are already in that situation, an IVA can merge all your arrears and balances into one, monthly repayment, which may take some of the pressure off while you recover from your illness.
"It is not just working women who should be thinking about protecting their finances. The value that mothers provide to the home through daily activities is massively underestimated," explains Matt Morris, LifeSearch senior policy adviser.
By Chris King
- 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
- Information on IVAs could offer you a way out of debt woes
