Why Are So Many Women Seeking Ivas?
2000 mums were questioned in the Netmums survey
. 6 out of 10 admitted that they didn't have enough money to make it through the week and remarkably two thirds have been powerless to stop their income decline when compared with their predicament a year ago. For lots of mums, part of this 'squeeze' will be due to keeping up with unsecured debt repayments which make it extremely difficult to continue to meet general living costs. When 'difficult' turns to 'impossible', lots of people deal with the matter head-on with an IVA or another variety of debt measure which is more appropriate.
IVA providers are often surprised when they listen to the radical measures their Individual Voluntary Arrangement clients have taken. Although Individual Voluntary Arrangement companies have had their suspicions about such behaviour, the survey provides evidence of the true extent of the sacrifices being made, with 20% of mothers not eating meals to ensure they have the money to feed their children. It's a big worry that some mothers have gone without food because maintaining creditor repayments took precedence.
Anyone working in the field of IVAs will likely be concerned to read that 1 in 4 of those who responded were finding they had to use credit cards to pay for essential expenditure. Such an act for IVA advisors is a clear sign that the only way to control such a predicament is through the use of formal debt solutions.
It is well documented that credit cards can be unfavourable in terms of interest rates, although they are small fry when compared with the new kid on the block - payday loans, which often have APRs of 2500% and more. The dangerous cost of this form of borrowing has already caused lots of people to seek an Individual Voluntary Arrangement to pay their debts. This survey highlights the fact that 5% of mums are already making use of payday loans regularly; a scenario which very rarely ends well.
While current circumstances are clearly very bad, the situation in the future appears likely to become a whole lot worse. Government cutbacks are forecast to lead to 710,000 state workers losing their jobs in the next few years, with many of those roles held by women. For those without a job their hands are tied and credit is the only option. This lending can reach a level at which, even when individuals return to work, repayments are unmanageable.
Debt and IVA professionals seem likely to be providing their services to a rising amount of females in the future. It's becoming ever more obvious that women, and especially women with children, are more vulnerable than other demographics. An Individual Voluntary Arrangement is certainly not the answer for everyone, but IVAs along with bankruptcy, debt relief orders and debt management plans offer a broad range of routes to help steer you back onto the right path.
by: mona
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