- Thursday, 24 September 2009Individual voluntary agreements could be the solution for Britons who find their financial situation deteriorate but wish to avoid bankruptcy.
According to The Reality Gap Report from protection specialist Bright Grey, 12 million people in the UK are struggling to cope with their monthly bills.
If these monthly outgoings were to rise by just £50, this figure would rise significantly to 18.8 million - 39 per cent of the UK population.
Roger Edwards, proposition director at Bright Grey, said that much of Britain is very close to being unable to cope.
He commented: "The report reveals the average Brit is just £155 away from a money meltdown. The frightening truth is that many Brits are already struggling to afford their monthly bills.
"All it would take is a small increase in bills or drop in income for people to find themselves in trouble."
Responding to an Ofgem letter asking them to explain their pricing policies recently, the country's top six energy suppliers would not commit to reducing prices.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960