Monday 8th of November 2010
Brits being forced to make difficult financial choices may decide to ask individual voluntary arrangement questions in order to tackle their financial problems.
Richard Doe, chief executive of ING Direct, said figures published by his company show people are now determined to rid themselves of their debt burden.
However, individuals are being forced to dip into their savings in order to cover their living costs, he noted.
Research published in the group's consumer savings monitor for the third quarter of the year showed the amount of money held in savings by Brits had been hit as they attempted to pay off debts.
The study found 38 per cent of people had withdrawn finance from their savings to pay household bills, while just under a third used the money to cover holiday expenses.
Last week, partner at Deloitte Louise Brittain told the BBC that individuals should be looking to deal with their debt burden early and not wait until the bailiffs arrive to resolve their monetary problems.
By Hayley Jones
