Monday 25th of October 2010
Individual voluntary arrangement (IVA) answers could be beneficial for cash-strapped UK adults who are worried their large unsecured debts will reduce their ability to pay the bills over the winter.
According to new research from uSwitch.com, 61 per cent of British households fear the cost of energy as the temperature begins to drop, with 20 per cent already finding it difficult to keep up with their payments.
In addition, 73 per cent of homes in the country admit they have reined in their use of fuel in a bid to save funds.
Seeking answers on IVAs could, however, be a wise choice for debt-ridden families who find their income is swallowed up by credit card or personal loan repayments.
The measure freezes the interest on the money owed - if it's worth more than £15,000 - and combines repayments into one affordable monthly outlay.
Ann Robinson, director of consumer policy at the firm, says: "The big concern is for those … who cannot afford to make their homes energy efficient and who look set to face another winter of self-rationing to stop their fuel bills going through the roof."
By Kimberley 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
- IVA demand could grow as debt problems increase
