Debt Advice Help and Support

UK families struggle to get out of debt (26 Jan 2012)

Families in the UK are struggling to build up their savings and get out of debt, as the impact of inflation puts pressure on income and debt levels across the country.

 

People in these situations however, could get help with debt, in the form of an IVA – which is an instrument to assist people in serious debt, who owe more than £12,000 to a number of lenders. 

 

The legally-binding arrangement can help you pay off as much as you can over five years, with the rest being written off after that time.

 

The latest Aviva Family Finances Report highlights that typical family debt has increased by 48 per cent in the past year.

 

Louise Colley is head of protection sales and marketing for Aviva, and she thinks there's "still a worrying number of families with insufficient savings or large debts."