UK Money News
5th August 2008
More Brits to seek help with debts
The number of Britons seeking out debt solutions is poised to soar this year, it has been claimed.
According to new data from KPMG over the last quarter the number of Britons entering into an individual voluntary arrangement (IVA) fell by six per cent.
However, the accountancy company said that this is set to be reversed over the rest of the year as more and more homeowners struggle with higher mortgage repayments and sky-high living costs.
A statement from KPMG read: "As the first anniversary of the credit crunch approaches, consumers are seeing the cost of their mortgages continuing to eat up more of their income, energy costs are about to leap and food prices are rising in a manner not seen for years.
"More than one million homeowners face the end of cheap fixed rate deals this year, mortgage deals continue to be difficult to secure and unsecured lending has tighter restrictions than for many years."
Of the IVAs agreed in the second quarter some 42 per cent were for consumers struggling with their mortgage debt.
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