Wednesday 17th of November 2010
Households having to deal with unexpected bills each month may decide to start asking individual voluntary arrangement (IVA) questions in order to pay off their debts so they can start putting money to one side again.
Research published by Legal & General found that almost a third of Brits are having to find extra money each month to cover costs they had not accounted for.
According to the study, the most common reasons for unexpected bills were to fix a car, with the cost to replace or repair a household appliance in second.
Mark Gregory, Legal & General's executive director of savings, said: "More than ever unexpected bills are likely to put pressure on household finances or push families into debt."
He added that the 11.5 million people struggling to balance their finances each month may be having difficulty finding the money to cover unexpected bills.
Last week, a YouGov study revealed the number of Brits with mortgage payments backed-up over more than 12 months has trebled.
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Brits 'expect financial situation to worsen'
