Tuesday 21st of April 2009
The Budget is unlikely to provide real support to households that are struggling to cope with debt, it has been argued.
According to Fairinvestment.co.uk, ten per cent of people are having difficulties in repaying their mortgage, while seven per cent have been made redundant.
Such consumers could find that they need to seek IVA advice, as a loss of income compounds their inability to meet financial obligations.
And the site has noted that chancellor Alistair Darling is more likely to be concerned with public finances than those of individuals.
Chartered financial planner Sharon Bratley explained that in order to help people with debt management problems, action such as reduced taxes and guarantees of jobs would be needed.
However, she said: "Unfortunately the reality of this Budget will tell a different tale and instead of helping people who are struggling to keep their heads above water, it is likely to add to their problems."
Meanwhile, an Adfero poll has found that 90 per cent of consumers believe help for the unemployed and those on low incomes should be a feature of tomorrow’s announcement.
- 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
- Personal loan rates are on the up - is it time to ask IVA questions?
