Tuesday 3rd of November 2009
Britons’ need for individual voluntary arrangement (IVA) advice could rise in the coming year, regardless of which political party is in power.
Carl Emmerson, deputy director of the Institute for Fiscal Studies, suggests that the government in the months to come is likely to face a need to repay public debts.
In order to do this, he adds that actions will need to be taken that will harm the financial standing of individuals nationwide.
This could be done by "cutting their benefits, raising their taxes, or by cutting public services", he says.
Families who have already faced difficulties during the economic turbulence - perhaps due to the chief income earner being made redundant - could find further impacts on their finances still await.
Seeking IVA advice now could help to prepare for this by putting in place a fixed repayment schedule on debts of more than £15,000.
By unifying debts owed to multiple lenders into a single sum, Britons could also find it easier to budget in subsequent months.
Written by Rachel Powell
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