According to statistics released by the group, around one in six people (16 per cent) of people have to rely on credit cards or other types of borrowing in order to pay for household emergencies such as replacing a broken washing machine or boiler. Furthermore, nearly half (45 per cent) of all respondents said they would not be able to spend more than 500 pounds from their own pocket to fix such household crises.
Meanwhile, five per cent of respondents claimed they would turn to relatives as a first port of call if they found themselves facing home repair costs. For an estimated 900,000 people, selling personal effects would be the easiest way to raise the cash necessary to replace or repair essential items. For those who are loath to part with TVs, stereos, PCs and other possessions, taking out a personal loan may be a less painful way to purchase new mod cons for the home.
Choosing such a loan may prove a prudent choice for the eight per cent of respondents who admitted they did not know how they would cover the costs of domestic catastrophes. Following the research, Alliance & Leicester indicate that many Britons may be feeling the pinch even further following from hikes in the cost of food, energy and petrol in recent months.
Indeed, 21 per cent of homeowners said they could not cover the cost of a household necessity over the value of 100 pounds. The group suggested that with the average call out for a plumber costing around this sum, many people may find themselves in financial hot water trying to keep their home functional even on a basic level.
Hetal Parmar, manager for savings at Alliance & Leicester, commented: "The reality of being a homeowner means that at some point you will inevitably have to pay out for repairs such as broken boilers and faulty appliances. We would encourage people to start saving sooner rather than later to avoid a basic household emergency becoming a financial headache. Compared to our research from 2005, people are beginning to build up their savings pots for repairs around the home, but there is still a long way to go."
She added that despite the soaring costs of living, it is still important for people to consider putting money away for household emergencies, suggesting that by saving a small amount aside each month, consumers will soon find themselves in a more stable position if they are faced with a crisis.
For those who have been unable to meet the cost of home repairs, taking out a low rate loan may be an effective way to get things back on track. Such a loan may also be of use to the 1.7 million people identified in a recent Halifax study as living with an unfinished DIY project.
Although I've since moved on from that job and am now paid a respectable salary, out of some bizarre kind of loyalty to my first car ? which, in all fairness, has never caused me any great problems ? I refused to sell my Subaru and kept it as its value depreciated and it became less and less practical. But since it continued to run, I also reasoned that there was no reason to look for a new car, employing the maxim, ?if it ain't broke, don't fix it.? I don't do many long journeys so didn't feel justified in shelling out for a new car, with all the the associated financial and environmental costs. I figured I'd just run it into the ground and hold onto it for as long as I could.
I decided to sell my Subaru Impreza when I took it into the garage for its last service. When I realised that the money I would need to spend on it over the next couple of years to ensure it kept passing its MOTs would be greater than the value of the car itself, I bit the bullet and looked for a Subaru buyer. Selling my Subaru was a sorry decision but it made no sense to keep pouring cash into a car that was ultimately destined for the scrap heap ? I might as well cut my losses and buy a newer car that would need less maintenance and would, in the long term, save me money.
I used the classified ads in the local paper both to sell my Subaru and look for a new car. It was a new experience for me; I had bought my first car from a family friend as I knew he was giving me a good deal and it would be in good condition, so I'd never had to negotiate the endless questions of model, age, space, safety record, fuel efficiency, price and colour that confronted me when I scanned the listings. In the end I decided my requirements (five door hatchback, no more than five years old), and made a set of fairly arbitrary decisions to narrow it down further.
I had several inquiries from people wanting to buy my Subaru, though one or two were put off when they saw it. I did everything I could (within reason) to make it more attractive, from the obvious clean and polish to replacing the worn old windscreen wipers and filling it with petrol as an incentive. I finally found my Subaru buyer ? a student looking for a first car, who wasn't too worried about the long-term potential as long as it got her to the end of her course. I felt it had found its rightful home and was pleased that I'd managed to get something for it, even if it wasn't much.
David R Barber has sinced written about articles on various topics from Cars. David Barber wrote the Article 'I had to sell my Subaru when the maintenance costs rose' and recommends you visit