Friday 2nd of April 2010
Asking individual voluntary arrangement (IVA) questions could help those of you who are unable to save any money, or just a measly amount, because of your debt commitments.
IVAs give you the chance to cut down your unsecured debts of £15,000 or above over a period of five years.
And by freezing your interest rates on plastic and personal loan repayments, you could find an IVA frees up income for you to put into your piggy bank to help secure your family’s future.
According to figures from Unbiased.co.uk, a large number of Brits could be in need of debt help.
It states that for every pound saved by Brits at the end of 2008, £1.68 was repaid to creditors.
However, such good habits seem to have all but disappeared, as it adds that at the end of the fourth quarter of 2009, they were borrowing 62p for every pound saved instead.
Seeking IVA answers could be the first step to getting a hold of your finances and starting to save for that rainy day.
- 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
- IVA answers to help concerned Brits fill their coffers?
