- Thursday, 30 April 2009Newly unemployed Britons could be left seeking
IVA solutions in the coming months as Credit Action reports a "staggering" redundancy rate in the quarter ending February 2009.
The organisation explains that an average of 3,000 redundancies per day were recorded during the period as a whole.
In all, 270,000 people lost their jobs - which could have led them to face difficulty in meeting repayments on loans, credit cards and other borrowing.
With
IVA help, people could reassess what they owe, bringing their repayments back within the realm of affordability.
IVA solutions base the repayment schedule on the money that an individual has coming in, taking into account essential outgoings.
With the agreement of a significant majority of the person's creditors, between 60 and 70 per cent of the total debt can be written off.
Meanwhile, the remainder is repaid over a number of years as determined by the arrangement.
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
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