Wednesday 11th of August 2010
Individual voluntary arrangement (IVA) questions may be beneficial for those of you who are concerned about the stability of your job, as well as the extent of your money troubles.
According to the latest Economic and Labour Market Review from the Office for National Statistics, the number of households in which nobody works rose from 15.7 per cent between April and June 2007 to 17.2 per cent in the same period of 2009.
In addition, it shows homes where all working-age adults were in employment dropped too - from 57.7 per cent to 54.4 per cent.
If you are worried about the security of your own job and have mounting unsecured debts to deal with at the same time, it may be time to ask questions on IVAs.
The method of insolvency could have you debt-free in around five years, potentially leaving you in good financial shape in case the unexpected happens and you lose your job.
Furthermore, the measure may help you free up much-needed disposable income by freezing the interest on your unsecured debt repayments.
And this may offer you the peace of mind that you’re fully prepared for any unforeseen events life may throw at you in the future.
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
- Information on IVAs may offer helping hand to new business owners
