Could home income plans avoid voluntary energy cuts?

Equity release schemes could alleviate the financial constraints that are forcing families to have their own energy supply cut.

Energy providers have been urged to redress the situation after it was revealed that 1.4 million people have requested their energy supply to be cut off in the last year.

The report compiled by Consumer Focus also found that approximately half of these afflicted households include a family member with some form of disability or illness.

Mike O'Connor CBE, chief executive of Consumer Focus, pointed that although pre-paid meters meant that customers were paying higher energy bills, it is often chose by many as it provides for better financial control and planning.

He said: "Even though some people choose not to top up their meter, we must be concerned that hundreds of thousands of vulnerable consumers are walking a tightrope between topping up their energy to stay warm or buying a decent meal."

Recently, Age UK released a report which found that 97 per cent of people who had opted for equity release were happy about their choice.

Ashall Glover Financial Services home income plan advisers

Posted by Partick Ashall