Wednesday 26th of January 2011
For people already suffering severe financial difficulties, 2011 could see them asking independent voluntary arrangement (IVA) questions to help improve their situation.
This is because Mark Bower, managing director of moneymaxim.co.uk, has suggested family finances are likely to be squeezed even further, both this year and next.
The industry figure noted there are numerous pressures adding to monetary difficulties for many in the current climate.
He observed: "The increase in VAT, the recent seven per cent rise in gas and electricity prices, the hike in petrol costs and higher food prices … are all contributing to higher bills."
Individuals in low income households should have access to debt help services easily and without stigma, Mr Bower added - which could result in more people posing questions on IVAs.
His comments come after a recent press release from Markit showed there has been an increase in the number of residents expecting their financial predicament to get worse in the next 12 months.
By Hayley Jones
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