Friday 8th of January 2010
In order to tackle debt problems some Britons could be switching off their central heating despite the freezing weather conditions, a new report suggests.
One in four people have reduced the amount they spend on heating their properties because of a rise in housing costs, Shelter states. But this could be particularly bad news if those with children and the elderly are turning down their heating because of a lack of cash.
Those in debt who have to live in a colder home as a result could find an individual voluntary arrangement (IVA) answers their heating problem. By freezing the interest on unsecured debt, people may find their income stretches further when it comes to paying off what they owe.
And this could leave a little extra cash to ensure heating does not need to be turned down during the winter.
"It’s shocking to think that high housing costs are forcing people to make a choice between keeping warm and keeping a roof over their heads," says Kay Boycott, director of policy and campaigns at Shelter.
Shelter found that over 1.4 million children reside in homes which currently have their heating turned down because of financial worries.
By Chris King
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA help could support Britons who are not on top of their finances
