Friday 9th of October 2009
Homeowners struggling with their finances may want to seek individual voluntary arrangement (IVA) advice after an Ofgem report warned energy bills could almost double by 2020.
Current energy bills in an average British home total £1,239 each year - which is more than double 2004 prices.
But experts believe this figure could pass £2,000 by 2020 and, if current increases were maintained, may even reach £4,000.
Ann Robinson, director of Consumer Policy at price comparison site uSwitch.com, said: "The fact is we are entering a new era of high cost energy and households will have to adapt their behaviour accordingly."
Although an IVA cannot be directly applied to household bills, it can get your finances as a whole in shape.
IVA advice could freeze interest rates on unsecured debts - such as credit card bills - and implement a manageable repayment plan, which could leave you in a better financial position when the energy bill rises start to hit.
By Kim Parsons
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