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Write off up to 75% with help from Government Legislation

Write off up to 75%
with help from
Government Legislation

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It is the government’s role to worry about the national and global economies, while consumers must look after themselves as the threat of recession looms, an expert has commented.

David Kuo, head of personal finance at online adviser Fool.co.uk, said people must look carefully at their finances to be sure they can survive any economic hardships ahead.

"Try and pay off any loans that you might have at the moment because you don’t really want a millstone around your neck if you are out of work," he urged.

If a recession does occur, it is probably the result of many years of "frivolous" overspending, Mr Kuo added.

Even before the effects of a potential recession impact, many Britons are already struggling to manage their finances and problem debt is hitting many household incomes hard.

One possible option for those seeking a secure route out of debt is an individual voluntary arrangement (IVA).

These agreements are made in court and allow debtors to make an affordable monthly repayment. Once an IVA is in place, it is binding and the creditors cannot chase the person for any greater sum than has been agreed.

At the end of the set period, usually five years, any remaining debt is written off and the borrower becomes debt-free.

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