Tuesday 25th of January 2011
People struggling to keep on top of their debts who are finding it difficult to make their income stretch throughout the month may want to start asking individual voluntary arrangement (IVA) questions to improve their situation.
New research from The Co-operative Insurance and homelessness charity Shelter has found nearly one in three Brits are spending more money each month than they have coming in.
The investigation discovered necessary outgoings - such as rent, living costs, mortgage payments and fuel bills - are leaving many adults in the UK with an average monthly shortfall of £165.
Lee Mooney, head of home insurance at The Co-operative Insurance, said the findings "highlight the extent to which people are now feeling the pinch and show that a large number of people are struggling to keep their household budgets in balance".
And individuals in this position may want to start seeking IVA answers sooner rather than later, as Defaqto's insight analyst for banking David Black recently claimed the beginning of a new year is a good time for people to get their finances in order.
By Neil Burton
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