Saturday 9th of October 2010
Individual voluntary arrangement (IVA) answers could offer plenty of useful information for older Brits who find it hard to afford the cost of bills in the winter.
According to charity director at Age UK Michelle Mitchell, it is a "national tragedy" that there is a multitude of people who don't have enough cash to stay warm in the cold weather.
She adds: "Despite 1.8 million pensioners living in poverty, up to £5.4 billion in benefits is still going unclaimed by people in later life every year."
Claiming such benefits could make a massive difference for those struggling to make ends meet, Ms Mitchell continues.
However, if it's unsecured debts that are swallowing up your income and making it difficult to pay the energy bills in the winter, seeking answers on IVAs could be a wise option.
The measure whittles away money owed - if it's worth more than £15,000 - on financial products such as credit cards and personal loans, with the assistance of merged, monthly repayments.
And this may offer you the peace of mind that you can keep your head above water and stay warm over the next couple of months.
- 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 reduce Britain's 'reliance' on unsecured borrowings
