Wednesday 21st of April 2010
Seeking individual voluntary arrangement (IVA) answers might benefit Brits who are regularly being refused credit.
According to Defaqto’s banking specialist David Black, that’s a lot of people.
"The number of credit card applications being rejected has shot up," he states.
If your mounting debts or poor credit rating is standing in the way of you borrowing further, it could be a sign that now is the time to get your finances in order before they get any worse.
And an IVA could be one way of doing this.
IVAs give you a chance to get out of the red over a period of around five years if you have unsecured debts of more than £15,000.
Although they aren’t a quick fix for wiping out debt, you may find you immediately have more control over your finances - as they merge all of your debt repayments into one, manageable monthly outlay.
By asking IVA questions now, your rejection of credit could be a blessing in disguise and the first step on the road to financial security.
By Neil Burton
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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
- Self-employed homeowner 'wants a mortgage holiday'
