Tuesday 26th of October 2010
Individual voluntary arrangement (IVA) answers could be useful for people who are struggling to keep their head above water and have decided that enough is enough.
According to Yvonne Goodwin, managing director of Yvonne Goodwin Wealth Management, individuals in Britain should take steps to analyse their financial situation before creating a budget to stick to.
She notes this is something Britons are used to doing in the world of business, but "they don't think to do the same for their own personal finances".
Seeking answers on IVAs could, though, be the sensible first step on the road to getting your bank balance back on the right track.
The measure might leave you completely debt-free after around five years, with approximately 60 reduced-rate monthly repayments to meet.
Ms Goodwin's comments follow research from HSBC, which shows 15 million UK adults would only have enough savings to last for a couple of days if an emergency were to occur.
By Rachel Powell
- 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
- Seeking advice "best policy" for debtors
