Monday 27th of September 2010
Individual voluntary arrangement (IVA) FAQs may be of use to those who are concerned about how rising energy prices will affect their finances.
According to new figures from moneysupermarket.com, the average cost of a fixed tariff has risen 20 per cent since May this year, with prices of standard, online and fixed packages now approaching the highs seen last year.
This may be cause for concern among those who are already struggling with debt problems, but an IVA could help them clear their debts in five years, provided they are in full-time employment and owe in excess of £15,000 to at least three creditors.
Energy manager for moneysupermarket.com Scott Byrom warned bills have "risen sharply in the last few months".
"New customers are left with no choice but to take on a more expensive deal," he observed.
An IVA could also help those who are struggling to get out of the red, after recent research from groupola.com showed 18 per cent of Brits who have an overdraft are constantly in debt.
By Hayley Jones
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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
- IVA advice could make retirement brighter for Britons
