Young people in debt
Young people are particularly vulnerable to debt
More young people in debt are seeking IVA and Bankruptcy solutions.
The rising level of young people in debt is opting for an IVA or Bankruptcy to deal with their debts on credit cards, loans, store cards and overdrafts.
Money Advice Direct is a firm believer that an IVA or Bankruptcy should be a last resort option for anyone under 25. Despite this we are being forced to offer these debt solutions to more young people than ever before. As many as 25% percent of young people opt for an IVA because it is a legally binding way to reduce the amount that you pay back, a way to stop any further interest charges, a way to reduce your monthly repayments but most importantly an IVA means more money in your pocket at the end of the month.
Bankruptcy is a real last resort because of the restrictions and bad social stigma it carries. Many young people hope to work in the police force, HM Armed Forces or the banking sector. Having a bankruptcy order on your credit record can act against young people when applying for jobs in sectors where trust, responsibility and managing finance is a mitigating factor.
Bankruptcy is not to be taken likely by young people in debt and is not a easy option if you are hoping to get a good, high earning managerial job. Despite our concerns 50% of all young people in debt are considering bankruptcy as way out of debt.
Common questions arising from young people in debt are the following:
- Can an IVA be an option for young people in debt?
- Can Bankruptcy be an option for young people in debt?
- Can debt management be an option for young people in debt?
- Can a trust deed be an option for young people in debt living in Scotland?
- Can I still get a mortgage if I am a young person in debt?
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]