Thursday 17th of June 2010
Individual voluntary arrangement (IVA) questions and answers could provide support for people who fear for their financial security in the face of a tax rise.
According to Aviva, 64 per cent of over-55s are worried about the prospect of levy increases over the next five years.
In addition, the company states should VAT go up, it will be older Brits who will be hardest hit by the regulation, as they spend the majority of their income on food, fuel, motoring and entertainment.
Asking IVA questions could, therefore, help those of you who think your situation may become even more desperate because of the money you owe on personal loans and credit cards.
IVAs give people the chance to become debt-free after a prolonged period of hard work and should ease fears over repossession if your money troubles are spiralling out of control, as they protect the equity on your family home.
Furthermore, they could give you a renewed control over your finances, as they merge all of your credit repayments into one.
With the emergency Budget just round the corner, now could be the ideal time to get your finances in order and ensure any possible tax increases won’t cripple your bank balance.
By Kimberley Parsons
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- IVA questions to help those struggling with energy bills?
