Thursday 10th of September 2009
Half of UK residents are leaving themselves and their family financially unprepared should something happen to a loved one and their household income is reduced, a new survey shows.
The average cost of a funeral is £2,733, according to Sun Life Direct, but such a sum may not be to hand for families which face high levels of debt.
As such, seeking individual voluntary arrangement (IVA) advice could mean that unsecured debts are cleared, leaving a household more financially stable should the worst happen.
When the additional costs of a loved-one’s death are added up, Britons could find they have to fork out over £7,000, the organisation claims.
IVA advice could, however, allow families to find the best way to clear their unsecured debts as soon as possible, taking some of the burden off people should something unexpected happen.
"As funeral prices are predicted to increase it’s important that people think about putting the right provisions in place," states Mark Howes, managing director of Sun Life Direct.
By Mark Waterman
- 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 repair the damage of loan sharks
