Tuesday 7th of September 2010
Individual voluntary arrangement (IVA) questions could be beneficial for people who are worried about the effect their money troubles might have on their lifestyle during retirement.
New figures from Saga Personal Finance show 34 per cent of Britons believe their home is currently in need of repair, yet 15 per cent don't have enough cash to fix the problems.
What's more, it reveals 16 per cent say they urgently need to have their roofing mended, while a further 13 per cent state they have severe troubles with their drainage or guttering.
And some eight per cent would benefit from having their heating fixed.
The research also highlighted the ways in which older Brits have to pay for such home improvements, with seven per cent noting they can't actually afford it and 50 per cent having to dip into their savings.
Questions on IVAs may, however, benefit those of you worried about your financial situation once you retire and the prospect of not having enough cash for essential property repairs like these.
If you owe more than £15,000 on unsecured financial products and don't want to be burdened by money troubles in old age, the measure may help get your bank balance back on track.
And because an IVA takes around five years to complete, you may find it is worth whittling away the deficit while you're still earning a salary.
Andrew Goodsell, executive chairman of Saga Group comments: "People are living longer which means that retirement incomes have to stretch a lot further to keep up with inflation."
He adds: "Many retirees find they need additional cash, whether it is to make everyday life easier, fund house repairs, take the trip of a lifetime, or to contribute to care in later life."
And an IVA could help free up that extra money by ensuring you no longer have expensive debt repayments to meet every single month.
By Mark Waterman
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- 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
- Bankruptcy figures 'expected to increase'
