- Tuesday, 25 August 2009The number of people entering into
individual voluntary agreements (IVAs) could increase as a result of holiday credit card spending.
Those who have relied on their plastic to get away for a summer break, safe in the knowledge that they could move that debt in a zero per cent balance transfer, could find themselves in financial difficulty.
According to a recent article by the Daily Mail, such deals are "drying up" and lenders are becoming "stricter" on who they lend to.
As a result, many Britons may have to fork out for payments they had not accounted for and, perhaps, cannot afford.
Peter Harrison, a credit cards expert, said: "Rate tarts who jump between zero per cent deals are having a tough time as credit is harder to come by and fees and charges have risen," according to the newspaper.
Men Behaving Badly star Neil Morrissey entered into an IVA earlier this month in order to repay £2.5 million of debt.
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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