Thursday 22nd of July 2010
Debt-ridden, single Britons might be in need of individual voluntary arrangement (IVA) answers if their living costs and unsecured debts are starting to escalate out of control.
Figures from uSwitch.com show how partnerless individuals who live alone end up paying over £250,000 more over a lifetime on essential living costs than someone living with their other half.
The most these people have to shell out is on the rent or mortgage, which costs around £7,000 for those living on their own, compared to an average of close to £3,000 for somebody in a couple.
And Ann Robinson, director of consumer policy at the firm, comments the number of single households looks set to rise by more than two million within the next decade.
"Increasingly we are seeing evidence that to enjoy a good quality of life in Britain, a household needs two incomes," she adds.
Asking IVA answers may, though, offer struggling Brits in the same situation a chance to whittle down their unsecured debts of more than £15,000 over a period of around five years.
While the measure requires a serious amount of hard work and dedication, it could free up more income to put towards scaling bills and ensure they keep a grip on their finances.
By Kimberley Parsons
- 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
- IVA could be a better choice than selling debt
