- Tuesday, 14 April 2009Recent retirees could find that
IVA services have the most to offer them, in light of observations from Saga.
The financial services provider to the over-50s explains that people who retired before the credit crunch should be relatively unaffected by its impact.
While their savings may be generating less interest, formal pension arrangements such as annuities "were fixed at a time when things weren't bad", says editor-at-large of Saga Magazine Emma Soames.
But, for those who are about to retire, falls in the stock market could see them left with less pension income from annuities.
Ms Soames adds that pensioners face particular difficulties as much of their income goes on essentials such as food, making them vulnerable to high rates of inflation.
For those whose finances become untenable, the
IVA process could be one place to turn for assistance.
IVA services can write off up to 70 per cent of debt, leaving individuals with less to pay back overall.
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