Monday 18th of October 2010
Individual voluntary arrangement (IVA) answers may be of use to a growing number of people concerned about debt after research revealed consumers are worried about rising household bills.
A study by uSwitch.com showed 93 per cent of the population - 46 million people - fear the government's spending review will result in their food, energy and fuel costs going up.
The research revealed 81 per cent of respondents are worried what effect the government's moves will have on their own finances, while over half (58 per cent) stated they will be cutting down on energy usage in a bid to keep costs down.
Commenting, director of consumer policy at uSwitch.com Ann Robinson warned "2011 is set to be the tightest year since the last recession".
Answers on IVAs might be ideal for those who think their finances could become unmanageable as a result, as the measure can cancel out debts, providing they exceed £15,000 and are owed to at least three creditors.
By Hayley Jones
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