The number of families who are hitting financial difficulties after one of the family earners has been made redundant is increasing, as the search for jobs is made harder and harder by the influx of young graduates in the job market.
With unemployment hitting record levels this week, it has emerged that more and more families are having to live off one person’s salary, as the other half of the family has lost their job because of the faltering economy.
This massive reduction in household income has seen these families falling further and further into debt, and the number passing the £15,000 mark needed for an IVA is increasing.
Whilst many families find that the interest payments alone are crippling them, an IVA debt management scheme could help them as they will only have to make payments that they can afford, with the income of the second earner added to the calculations as and when they finally find a job.
An IVA, which allows customers to pay off their debts at an affordable rate, over a five-year period, will also see creditors freezing interest at 0%, as well as calling off any CCJs, and bailiffs.
The job market has become more and more busy as each year another batch of freshly qualified graduates enter the market for a job, with so few graduate level positions now available. The number of graduates now shelf stacking for a living is at a record high, and the fall-back option of a job at minimum wage has been taken away for many, who simply cannot get themselves noticed ahead of all of the young people fighting for the jobs.
Whilst an IVA is a last-ditch alternative to bankruptcy, many believe it has saved them financially, and they also allow homeowners to keep their home, something that is not possible when filing for bankruptcy.
By submitting this form I consent to the processing of my data & agree with the IVA.net Privacy Policy
We will never pass your information to a 3rd party
We offer an online debt chat service during our operating hours. Just click below to chat with a debt advisor.
Find out all about an IVA by reading our extensive information, from what an IVA is to FAQs, Advantages, disadvantages and more...
Click here
Fill in our form with your details including household income & expenses and find out what your monthly repayments might be in an IVA.
Find out what other debt solutions are available in the UK for helping you address your debts. When we assess your situation, we will run through all options.
" Absolutely brilliant company. Made me feel safe from the start and handled everything professionally and quickly. "