LV= notes debt management impact of disputes
LV= notes debt management impact of disputes
- Monday, 1 June 2009Financial services provider LV= has pointed out the impact that workplace disputes can have on
national debt management efforts.
Many disputes can arise from issues which could themselves impact on debt management - such as redundancy, pay cuts or reduced working hours.
However, pursuing a dispute without insurance cover can see sums for legal fees mount up, the organisation adds.
On average, LV= claims that the cost of a case amounts to over £700 - more than 37 times the annual cost of insurance to provide cover for legal costs.
In the company's own policy, cover of up to £50,000 is permitted, helping to prevent disputes from resulting in a debt management hit.
Previous figures from LV= suggest that
national debt management efforts could be at greater risk in 2009 due to a lack of insurance.
The group found in earlier research that 12 per cent of people expected to make savings during the economic turbulence by reducing their level of cover on one or more insurance policy.

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