Sunday 21st of March 2010
Individual voluntary arrangement (IVA) questions could be on the lips of Britons aged between 18-34 in order to allay their fears of being in debt.
A new poll by Scottish Widows reveals that people in this age group worry the most about their future financial stability. Those who have spent their youth building up large credit and store card debt could be well aware of the long-term consequences their spending may have.
Indeed, should creditors become intolerant of poor financial habits then they may push for a bankruptcy order.
Bankruptcy could mean young people are not allowed access to some of the financial lifelines that can make life a little bit easier.
IVAs, however, can avoid the serious aftermath of bankruptcy. As long as people keep up with their monthly repayments, an IVA can prevent lenders from taking further legal action against their customers, potentially protecting a home and other assets that would be taken under a bankruptcy order.
The study reveals that those aged between 18-34 are the most likely to have learnt financial lessons during the recession.
Many of these lessons could have been learnt by having IVA questions answered.
By Hayley Jones
- 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
- Bankruptcy-threatened Britons may turn to IVA advice
