Thursday 15th of July 2010
Seeking individual voluntary arrangement (IVA) answers could be a wise move by UK adults who have reined in their saving because of mounting financial problems.
According to figures from LV=, over-50s in Britain have reduced the amount of cash they putting away for their retirement by a total of £18 billion, with 64 per cent of people within five years of ending their careers now more worried about their money situation than last year.
IVA answers could, though, show those of you who have dwindling coffers that if debts are proving an obstacle, it is possible to get your savings back on track.
The method of insolvency whittles away the cash owed on unsecured financial products over a period of around five years, which, for many of respondents to the survey, would mean they’re completely debt-free by the time they come to retire.
Ray Chinn, head of pensions at LV=, comments: "Pension savers are feeling the pressure from all angles; paying bigger bills, supporting struggling children, nursing investment losses and seeing their savings squeezed."
By Kimberley Parsons
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- 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 information may help struggling parents
