IVAs could escalate due to unemployment

16/09/2009

Unemployment is forecast to rise and not return to pre-crisis levels until 2015, according to HR news site "People Management".
Official figures out today are expected to reveal an unemployment high of over 2.5 million.

And that means people with debt problems'>debt problems will struggle more as a result of not being able to secure loans and repay their debts, says Credit Action.

One way out of debt dilemmas is to seek debt advice. Losing your job is one of the most common reasons people turn to Debt Management Solutions with companies like EuroDebt.

Its Director, Kevin Still, says alternative debt solutions like Debt Management Plan'>Debt Management Plans or an Individual Voluntary Arrangements'>Individual Voluntary Arrangement, often referred to as an IVA, are becoming more popular ways of tackling unmanageable unsecured debt on credit cards, store cards and personal loans – which could be even more of a burden if you've lost your income.

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