Wednesday 9th of March 2011
Younger individuals in financial hardship who are concerned that their debts might stay with them until their later years, may wish to start asking IVA questions before the problem spirals out of control.
Aviva's latest Real Retirement Report has shown that long-term debt is a growing issue among the over-55s.
According to the study, 23 per cent of those in this demographic do not expect to be free of their arrears until they are at least 75.
Moreover, one in seven of those questioned claimed they do not think they will ever have the means to pay back all that they owe.
Clive Bolton, at retirement director at Aviva, said: "While there isn't one single cause for people's money worries, the combination of economic and social factors over the last year has impacted on many individuals' plans."
Moneysupermarket.com recently revealed that 23 per cent of Brits are having to dip into their savings to pay for everyday purchases.
By Chris King
