Wednesday 24th of March 2010
It might be a good idea for Brits to seek individual voluntary arrangement (IVA) questions, after an expert advises Brits ensure their finances are healthy over the next few years.
According to Chris Morling, managing director of money.co.uk, people should be fully prepared for any major tax increases that take place in the near future by getting on the "front foot" and planning their household budgets.
One way this could be done is by addressing the state of credit cards and personal loans - particularly if more than £15,000 is owed.
"Over the coming years tax payers will inevitably be asked to carry the burden of the post-credit crunch deficit in the form of higher taxes," he explains.
Asking questions on IVAs could benefit Britons who currently find themselves in the red.
That’s because they help wipe out unsecured debts on financial products such as credit cards and personal loans over a five-year period, potentially freeing up income to go towards day-to-day essentials and offering something priceless in these dark economic times - peace of mind.
Written by Chris King
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- 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
- IVAs 'becoming more popular in Swindon than bankruptcies'
