- Thursday, 24 December 2009IVA advice could increase following predictions over people struggling with debt
More people may be seeking
IVA help in the New Year, following the predictions of one expert that many people struggling to stay in their homes because of debt.
Co-owner of Homeowners Advice Centre Chris Jenkins suggested that overspending this Christmas may hit home come January or February, and anticipated that more people would be seeking advice as a result.
"In terms of going into the new year, from the debt advisory side of our business we have found that a lot of people tend to bury their head coming up to Christmas because they have something to look forward to, presents to save for, and stick a few things on credit cards, " he said.
"As soon as the bills start to hit in January and February, that's when we have found that our inquiries have spiked, because people have over-extended themselves slightly."
Mr Jenkins said additional issues such as unemployment and job uncertainty would compound the problem further.
The Financial Services Authority (FSA) recently reported that the number of repossessions in the third quarter of 2009 totalled 14,000 - a 2.8 per cent increase compared to the previous quarter, but five per cent below the peak at the start of the year.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960