Sunday 18th of July 2010
Individual voluntary arrangement (IVA) answers could offer useful information to Britons who expect to go cold this winter because of the effect their debts are having on their finances.
A report from Consumer Focus recently showed that 57 per cent who have a pre-pay energy meter but have had it disconnected were not able to top it up due to a lack of cash.
And commenting on the figures, Ann Robinson, director of consumer policy at uSwitch.com, says those who cut down on their heating last year did so "due to the high cost of their bills".
IVA answers could, however, show struggling Brits it is possible for them to get their finances back on track and cut down the debts that have been causing them to remain cold.
An IVA might have you debt-free after around five years and leave you with renewed control over your bank balance.
The method of insolvency also protects the equity on your home.
"This is not about people becoming more energy efficient - this is about people going cold," Ms Robinson adds.
By Hayley Parsons
- 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
- IVAs could offer boost to credit card addicts
