OFGEM

For many people, one way of getting out of debt is to use money inherited when a family member dies. However, people may not be the greatest beneficiary of many wills.

Researchers have found out that 40 % of people leave more money to their pets than people, with a fifth of men and women leaving the family home to their cat or dog.

A lot of elderly people will have also opted for equity release on their house for their retirement; so many people who had been expecting to inherit a property might not and for that reason will want to look for a different means to fix their cash problems.

The cost of living is constantly growing so lots more people are struggling with debt problems and finding it hard to make their monthly earnings last, with many deciding to borrow money every month in order to get by.

This can be a dangerous circle to get straight into because it usually means your debt could easily spiral out of control, so you need to ensure that you're not borrowing more than you are able to afford to repay and if you do end up battling, you ought to get assistance sooner so that you could get out of debt and not risk your long term financial stability.

There are many solutions, from debt management plans and debt relief orders, to bankruptcy as well as IVA, so make sure you research every little thing very carefully so you can find the right debt management service for your requirements.