Save for unexpected debt reasons

Consumers who are balancing housing debts and bills should put aside savings now, in order to be ready for other debt reasons which may be around the corner.

This is the advice coming from Legal & General which has carried out research suggesting 30 per cent of households will have to come up with extra money for unexpected outgoings each month.

Legal & General says the amounts needed could be as high as almost £180, which would be particularly difficult to come up with if the breadwinner is undergoing a Debt Management Plan.

Executive director of savings at the firm, Mark Gregory recommends consumers set aside between £50 and £75 each month, where possible.

Debt specialist, Kevin Still of Atlantic Financial Management, said that many consumers requiring debt solutions have little disposable income to set aside, adding: "Often changes of circumstances outside people’s control, or major expenditure shocks, require urgent action and debt help."

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