- Wednesday, 9 September 2009The number of people entering into an
individual voluntary agreement (IVA) could increase as a result of a widespread complication to debt.
According to the Consumer Credit Counselling Service (CCCS), the repayment of debt has become a more complicated process as a result of increased unemployment and lower incomes.
Frances Walker, a spokesperson for the CCCS, said: "People's debt problems are more complicated now than they were a few years ago.
"[People] often have mortgage arrears and have experienced a drop in income and it can take two or three counselling sessions to find a solution."
Earlier this month, the Citizens Advice Bureau revealed that the number of people seeking debt advice has increased by approximately one third year-on-year, with six million calls relating to unemployment or money.
According to the Bank of England, total net lending to individuals fell by £600 million in July - the first net repayment since the series' inception.
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