200000 people may find themselves needing debt advice over the next year as unemployment figures look set to rise. One of the best forms of debt management is an Individual Voluntary Arrangement (IVA). This is available for people with over £15000 of unsecured debt and at least three creditors. The person with the IVA will be able to pay back what they owe in instalments over the course of five years. If they get a new job in that period and are able to increase repayments, they can pay back more of their debt. The unemployment projection comes from the National Institute of Economic and Social Research, which predicts the numbers out of work will peak next year at 2.7 million.
Thousands face unemployment debt
May 4, 2010 By
