As a result of the current financial climate and global credit crunch, the number of consumers facing severe hardship has spiraled. The prospects for the future don’t look much better. Many experts are predicting that unemployment could soon top three million, and that the economy could soon enter a sustained period of deflation.
The lack of available money in the UK economy has lead to a decline in the demand for goods causing companies to cutback on expansion and, in more serious cases, make redundancies. All of this compounds an already poor situation.
Debt repayments, however, still have to be made and many people are now unable to afford them. Debt advice specialists are seeing a dramatic increase in the number of people requesting IVA advice in an effort to get out of trouble. An IVA (Individual Voluntary Arrangement) will allow unsecured debts to be consolidated into a single monthly payment, without the need to take out another loan. The monthly payment will be set at an affordable level and the term of an IVA is typically 60 months – although this can vary.
If you are suffering financially, as a result of the current financial crisis, then it may be better to seek help before it is too late.
