According to a new survey by the Money Advice Service, a third of the UKs population have no savings at all. This equates to about 16 million people.
This means that many UK homeowners will struggle with unforeseen circumstances.
At least 70% of homes faced a financial emergency last year with the average cost being over £1,100.
When asked what they would do in such a situation, a quarter of those asked in the survey said they would be forced to go into debt or into existing debt in order to pay for it.
The Money Advice Service suggests putting money aside for a rainy day fund. Even by putting £3 a day away you can have over £1000 after a year.
If you’re currently struggling with debt, be aware that there are options available to you.
The Debt Advisor can advise on all kinds of debt solutions such as Debt Management Plans (DMP), Individual Voluntary Arrangements (IVA) andBankruptcy.
We are regulated by both DEMSA and DRF and we adhere to their codes and standards.
Call us today on 0800 0851 825 to speak with one of our advisors. If you’re calling from a mobile you can reach us on 0161 868 2500.