Monday 3rd of May 2010
Embarking on an individual voluntary arrangement (IVA) could be the first step to showing your family - and yourself - that you’re facing up to your debt problems.
According to David White, chief executive of The Children’s Mutual, the recession has led to more and more British kids taking an interest in money matters - one of the only upsides to the economic downturn.
"Families are taking much more of an open and active interest in money and children are becoming more inquisitive," he says.
But if you’ve got soaring unsecured debts, how can you expect your children to look up to you as someone who can show them how to look after their finances?
IVAs could help you cut the money you owe on credit cards and personal loans if you can prove you can meet the reduced-rate monthly repayments.
And as a result, IVAs may lead to you emerging out the red after five years, with a firm grip on your finances and the proof you’re now taking responsibility of your debts.
By Mark Waterman
- 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
- Equity release an "important" source of funding
