Are you a mum and struggling with your finances to the point that they are now out of control?
Do you worry about how you will be able to continue providing a stable home environment for your children?
You are like many UK mums experiencing similar issues, and there are financial solutions to your problems. Carry on reading to find out further about the challenges facing single mothers and financial solutions such as IVAs.
To check if you qualify, get a free online debt assessment now, click here.
What Financial Challenges Do Mums Face?
As a mum, maintaining a strict budget to run a household with children is essential, especially if potentially only one source of income or just relying on government benefit.
Throw into the equation unexpected costs and the pressure to provide enough food and adequately clothe your children can present substantial economic challenges that if you do not have discipline will soon spiral out of control.
Why do Single Mothers have Financial Problems?
Spending behaviour is the number one cause of financial problems for mothers. With no plan in place to manage the monthly budget, money can evaporate unnecessarily.
A monthly budget includes setting aside money for:
For mothers that do not adhere to a monthly budget, finances can quickly become unmanageable. If the case, it is vital to get to the root of your spending problem by analysing your spending habits.
It is essential to differentiate between what are necessary purchases and what constitutes a luxury purchase. You can do this by tracking every single time you spend money either manually or using a spending app available on either Google Play or the App Store. After a month, it will give you a clear indication of where your money goes.
If you have left it too late and your debt repayments are already uncontrollable, it may be the time to think about a debt management solution to address the issue.
To check if you qualify, get a free online debt assessment now, click here.
What is an IVA, and how does it work?
An IVA is a formal arrangement agreed in a court of law to pay back a pre-agreed amount of debt to your creditors over a fixed period.
The services of an Insolvency Practitioner are mandatory to put an IVA in place who will put together a Statement of Affairs which includes monthly income, assets, and liabilities. A proposal is then put forward to creditors to offer to pay back a reduced amount of debt which can see as much as 80% of the outstanding amount written off.
To check if you qualify, get a free online debt assessment now, click here.
As A Mum Is An IVA Appropriate For Your Situation?
An Individual Voluntary Arrangement may not be relevant for your situation, and either a free debt service such as CAB or the National Debt Service, or an insolvency practitioner will be able to provide guidance.
Generally, there are four essential criteria to meet to qualify for an IVA:
To check if you qualify, get a free online debt assessment now, click here.
