Friday 11th of June 2010
Individual voluntary arrangement (IVA) questions may offer important information to people who are worried about their financial future once they finish working.
According to recent figures from Aviva, 40 per cent of UK adults are now considering investing in a pension, as a result of the recession and the problems it caused for bank balances around the world.
However, they also show there are 19 per cent of the population who have no idea how they’re going to afford the cost of living after their career is over.
IVAs could provide you with a helping hand if you’re ready to face up to your financial responsibilities and get saving for the future, but are being hindered by large unsecured debts.
If you owe money to a number of different creditors, they may help you manage your situation with a renewed level of control, as they merge all of your various repayments into one monthly, reduced-rate outlay.
Asking questions on IVAs, therefore, could be a sensible decision if you want to get your finances prepared for whatever the future may hold.
"All too often people put off saving for the future, but individuals really need to make sure that they’re doing something about it today," says Paul Goodwin, head of pensions at Aviva.
By Ashley Littley
- 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 FAQs to help Brits take responsibility for their debts?
