Thursday 29th of July 2010
Finding individual voluntary arrangement (IVA) answers could be a sensible way of negating the effect of rising bills on your unsecured debts.
According to the Consumer Credit Counselling Service (CCCS), the average six-monthly electricity and gas outlay has seen an increase of 80 per cent in the past six years.
It adds growing fuel costs might leave a large proportion of Brits unable to meet their payments and at risk of them having their energy supply cut off.
Answers on IVAs may, though, offer a solution to those of you worried about such a situation.
If you’re in more than £15,000 of unsecured debt but have the means and discipline to meet around 60 monthly, reduced-rate repayments, the measure may have you completely debt-free and able to put more of your income towards your bills.
Malcolm Hurlston, CCCS chairman, comments: "We will see more and more people pushed into unmanageable debt if fuel costs continue to rise at such a fast rate."
By Ashley Littley
- 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
- Bank of England measures 'may stimulate lending'
