IVA problems may be greater as money stays taboo

When it comes to polite conversation in the home, certain subjects are taboo, with a new survey showing money is among them.

Financial issues are the third least popular subject to talk about in domestic settings behind sex and death, a survey by insurer Bright Grey has found.

But when it comes to brushing money issues under the carpet, the firm’s proposition director Roger Edwards said this would be like not doing the washing up – the third most unpopular chore according to the poll – but with far worse consequences.

He said: “It seems people would rather leave some things unsaid than try and deal with the consequences. The downside of not talking about issues, or putting them off altogether is the equivalent to leaving the washing up in the sink – it all builds up until it’s a lot bigger than it was originally.”

One outcome could be that a debt problem capable of being solved with early discussions on a plan to tackle it may simply fester out of sight and unresolved, until it gets much worse and needs more drastic action.

For those who have got into such a situation, individual voluntary arrangements (IVAs) may be the best solution.

These can reduce the overall level of debt, as well as establishing a regime of reduced payments to be made each month over a period of up to five years.

And for those who do not like to talk about it, an IVA is a confidential arrangement.

When it comes to being open about debt, some people may find it hard to even admit it to themselves.

Spokeswoman for the Consumer Credit Counselling Service Una Farrell said last month that many people with money problems are reluctant to take this step.

Posted by Paul Thacker