Friday 14th of August 2009
People should not be too proud to ask for help if they are struggling with debt, a claim has suggested, which could include individual voluntary arrangement (IVA) advice.
Debts can sometimes get out of hand and people who feel "overwhelmed" should not be afraid to speak out, Jane Baker, at lovemoney.com, advised.
Indeed, rather than sliding into further debt, individuals may want to consider seeking IVA advice, which could provide a variety of solutions including freezing interest on unsecured debt to prevent balances climbing higher.
"Living within your means is the key to financial success and although it may sound obvious, many of us are guilty of over-spending every now and then," she noted.
For people who have treated themselves a bit too much with credit cards and personal loans, an IVA may be the ideal way for consumers to clear significant debt, without the need for going bankrupt.
The Daily Mail recently reported that the process of entering into an IVA could be an affordable option for some Britons because the debt firm will often take its fees from the amount paid to creditors.
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
- 'Record numbers' in the red
