Thursday 8th of April 2010
If you’re still feeling the effects of the recession and struggling to balance your finances, now could be the time to seek answers on individual voluntary arrangements (IVAs).
Juggling large unsecured debts on personal loans and plastic can create serious problems at home, especially if it’s getting increasingly difficult to meet your monthly repayments on time.
However, IVAs can help you cut down on the money you owe worth more than £15,000 over a period of five years and get you back on your feet - and out of the red.
If you’re financial troubles are spiralling out of control, it would seem you’re not alone.
According to the Consumer Credit Counselling Service (CCCS), huge numbers of Brits are predicted to phone the debt advice charity’s helpline this year.
Malcolm Hurlston, chairman of the body, comments: "[The] CCCS has geared up to be ready to meet any increased need, we now have capacity on our free helpline and expect to deal with a record 400,000 calls in 2010."
And many could be calling to ask IVA questions, as they try to get their finances back under control.
By Neil Burton
- 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
- R3: 8 million people to use overdraft in June
