Wednesday 8th of December 2010
Individuals who are struggling to find the finance to pay their debts as a result of their current economic situation may decide to seek individual voluntary arrangement answers if they find they can no longer cope with their monetary burden.
According to unbiased.co.uk's Savings Brake report, Brits are currently failing to match the same levels of debt repayments that were recorded earlier this year.
The study found that for every pound people are saving, 10p is going towards reducing the amount they are in the red by.
While this is viewed as a positive, the figure represents a drop from the rate of 27p from each pound that was being used to service debt previously in 2010.
"It is encouraging to see debts are still being repaid, even if this is not at quite the same volumes as previously in the year," said Karen Barrett, chief executive of the professional advice website.
Recent research published by R3, the insolvency trade body, found 30 per cent of individuals expect their economic situation to deteriorate over the next six months.
By Hayley Jones
