Friday 30th of October 2009
An increasing number of Britons are struggling to pay essential household bills and could be helped if they take individual voluntary arrangement (IVA) advice.
The Citizens Advice Bureau (CAB) is urging tenants to find out exactly what help they are entitled to - particularly single parents.
A parent with a child could be awarded £21.58 a week in housing benefit.
Liz Phelps, CAB policy officer, said: "We are seeing more and more families struggling to make ends meet and finding it increasingly hard to afford to pay their essential household bills, including their rent."
And some cash-strapped consumers may wish to turn to an IVA to get their finances back in order.
IVAs tackle unsecured debt - such as credit card borrowing - of more than £15,000.
A financial expert could seek to freeze interest rates on debt and reduce the monthly repayments to reflect what a debtor can afford.
Crucially, this could result in more cash being available to tenants to pay rent and keep a roof above their head.
By Hayley Jones
- 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
- Information on IVAs could negate 'expensive borrowing'
