Wednesday 8th of September 2010
Individual voluntary arrangement (IVA) questions might be beneficial for older Britons who are burdened by debts and worried about their ability to cover unexpected costs that crop up in the future.
According to Aviva's latest Real Retirement Report, unforeseen expenses are causing over-55s to dip into their savings, diminishing their retirement income pot.
It shows some 92 per cent of this age group have had to deal with such unpredicted outlay.
In order to manage these costs, 11 per cent took out a credit card or loan.
Furthermore, the research reveals over-55s have serious concerns about cost of living, with 64 per cent stating it is their biggest fear for the next five years.
Questions on IVAs may, however, offer breathing space to those of you who have racked up unsecured debts and think they'll stop you being able to cover unexpected expense.
The measure is only available for those who are in full-time employment and owe more than £15,000 to three or more creditors.
But it could have you out of the red after around five years of discipline and hard work.
Clive Bolton, at retirement director for Aviva, comments: "You can understand why many over-55s are very worried about their finances."
By Neil Burton
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