- Monday, 6 April 2009The current economic situation could lead more pensioners to look to
IVA solutions for their money worries.
Lloyds TSB's UK chief economist Trevor Williams has recently spoken of the financial difficulties pensioners are facing.
He says: "With the economic downturn as it is, pensioners have got to be worse off."
Mr Williams points out that the low base rate may be worsening the problem for those who would otherwise live off the interest on their life savings.
IVA help could be the answer for those who find their savings depleted and debt owed to numerous lenders beginning to mount up.
With
IVA solutions, borrowers can write off a portion of their debts to reduce the overall amount which must be paid back.
And while many IVA plans incorporate an element of home equity release, the actual ownership of the house can remain with the borrower, preventing them from being forced to sell and move into rented accommodation.
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