Millions of Britons are still mired in debt, despite the economy continuing to recover in the first quarter of 2010. Each household with an unsecured personal loan has an average debt of over £18000 (£18583). If you find yourself with that level of debt and are insolvent, with a disposable income of over £200 per month, you might want to enter into an Individual Voluntary Arrangement (IVA). If 75 per cent of your creditors agree to the IVA, you could have your debt settled after five years. Nevertheless, the British Chambers of Commerce (BCC) is still hopeful of a full recovery for the economy. Its latest report shows that recovery is “still on course but they also warn that it is weak and serious risks of a setback remain.”
Debt risk remains as economy recovers
April 8, 2010 By
