Monday 27th of July 2009
Millions of Britons have taken on second jobs in order to meet all their financial commitments, new research has found, although individual voluntary arrangement (IVA) help could be a better option.
Almost ten per cent of individuals claim that they have had to return to work to get their hands on more money, the survey by uSwitch.com discovered.
Furthermore, 800,000 people have switched from part-time to full-time hours in order to keep on top of their finances.
Rather than running the risk of damaging health or family wellbeing by increasing their workload, individuals may find that IVA support can help them cope with monthly financial pressure.
Louise Bond, personal finance manager at uSwitch.com, said income need not just be bolstered by working extra hours.
"A simple review of your loans, credit cards and current accounts could save almost £375 a year - which could be used to pay off more pressing bills," she advised.
IVAs can reduce loan and credit card repayments to a more manageable amount, which may leave extra cash for essential bills such as rent and mortgage repayments.
The director of the Institute of Employment Rights Carolyn Jones recently warned Britons that pay freezes could impact upon households which are currently struggling in the recession.
By Rachel Powell
- 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 questions might help improve money management
