Tuesday 19th of October 2010
Individual voluntary arrangement (IVA) answers may help those who find they are in greater debt than they feared after reviewing their spending.
Credit Action is urging individuals to carry out an investigation of their finances ahead of the government's Comprehensive Spending Review, which is due to be released tomorrow (October 20th).
Associate director of the money education charity Joanna Parsley said such a move will help people ascertain how the government's cutbacks will affect them,
"By reviewing their finances and writing down a budget plan, people can see more easily where money savings can be made and plan for potential reductions in their income," she explained.
Those that follow the advice and fear their financial situation is becoming difficult to control could consider an IVA, as this may be able to help them become debt-free in five years if they owe £15,000 or more to at least three different creditors.
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