Tuesday 14th of September 2010
Individual voluntary arrangement (IVA) questions and answers may be useful for Brits who are struggling with debts but are ready to take control of their finances and wipe out what they owe.
According to research carried out by accounting software company Accountz, 90 per cent of UK adults are currently aware of their financial position and how far into the red they are.
In addition, the study shows 36.4 per cent of respondents know the rate of interest on their overdraft, while 65 per cent can recognise how much tax they've paid over the past 12 months.
Commenting on the findings, Quentin Pain, founder of the company, says: "This high level of awareness over personal debt indicates that now more than ever us Brits are becoming more astute in money management."
Questions and answers on IVAs could benefit those of you who understand your level of unsecured debt and are ready to do something about it.
That's because the measure merges all of your personal loan and credit card repayments into one, monthly outlay, freezing the interest in the process.
It then chips away at the money you owe over a period of around five years, potentially leaving you completely debt free and in full control of your bank balance.
By Mark Waterman
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- IVA FAQs may help you start getting your finances back on track
