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Pay day panic growing amongst UK consumers as salaries fail to keep pace with outgoings

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Pay day panic growing amongst UK consumers as salaries fail to keep pace with outgoings

Written by Dawn
Monday, 21 July 2008
As prices for practically everything continue to climb, increasing numbers of people are finding that pay day no longer brings relief from the worry of their debts. Over the last three or four days of each month, IVA comparison site IVA.com is experiencing a surge of up to 50% in the number of calls from people seeking advice when they realise that their outgoings are outstripping their salary at a rate they can no longer cope with. The margins they have relied on to scrape by are now becoming so narrow that they realise it’s simply not possible to ignore the magnitude of the problem any longer. As a result, more and more are turning to professional help at the end of the month to try to stop themselves from sliding further and further into debt. In the past, pay day would have brought some respite to those with large amounts of debt but as the cost of living continues to soar and affordable mortgages are harder to come by, growing numbers of people are hitting the wall on their overdrafts. Many of these people are earning good money and are in professional positions but that hasn’t protected them from the ongoing effects of the credit squeeze. IVA.com has already reported a sharp rise in the number of professionals – including company directors, accountants and investments bankers – enquiring about the best solution to their ballooning debt problems. Now other vulnerable industries including property & construction and the road haulage business are finding themselves in difficulties as the housing market continues to bear the brunt of the financial downturn and the astronomical rise in fuel duty hits HGV drivers. The level of enquiries from people whose finances would usually be regarded as water-tight indicates just how pervasive the current crisis is and points towards more casualties to come throughout the year. Higher wage brackets are no protection from the current financial crisis it seems and this pattern is likely to continue throughout the year as the fall-out from City redundancies is felt by those who did not expect this to happen to them. For some, an IVA can be the best solution as it allows them to plan for the long term. Once a manageable monthly repayment is agreed with their creditors they can begin to climb out of the hole they‘ve fallen into, secure in the knowledge that their creditors can’t demand more money from them which allows them to gradually rebuild their finances. Of course, an IVA isn’t suitable for everyone - bankruptcy or a debt management plan may be a better route for some – but the most important thing for those in trouble is to make the call and ask the question. After that, the burden that feels intolerable now can begin to feel a little lighter. There are nearly 1,000 IVA providers listed on IVA.com’s database covering the whole of the UK. The service allows clients to find an insolvency practitioner who is close enough for them to meet face to face and ensures they don’t leap from the frying pan into the fire by putting their financial security in the hands of a firm that cannot deliver. IVA.com acts as the IVA applicant’s first point of contact, answering any questions regarding their application or any other IVA issues; and they can check the status of their proposal online at any time. Bookmark with: Delicious Digg reddit Facebook StumbleUpon What are these?

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