Saturday 22nd of May 2010
Older UK adults who are concerned about their debt problems are being encouraged by the Consumer Credit Counselling Service (CCCS) to seek debt help on the internet.
And information on IVAs that can be found online may be ideal for those who owe more than £15,000 on personal loans and credit cards and want to get their finances back on the right track.
According to the CCCS, the older generation of Brits could be missing out on a "simple and anonymous way" of getting advice for their problems, because they are uneasy about using the web.
Searching for info on IVAs over the net, however, could prove to be extremely beneficial if they want to get out of the red.
That’s because IVAs merge debt repayments to various creditors into one, manageable monthly outlay, freezing interest on the money owed too.
IVA info may also show older Brits that it is possible to become totally debt-free without having to head down the bankruptcy route, which could lead to repossession of the family home.
And seeking help sooner rather than later may offer peace of mind that retirement income and pensions aren’t all being wasted going towards mounting debt repayments.
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
- Credit Action: Debt takes a large chunk out of incomes
