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Today the Bank of England will reveal whether it is to reduce interest rates by 300 year lows – a move that could help many indebted borrowers.

Millions of Brits are currently sitting on mortgage lenders’ Standard Variable Rates, unable to remortgage and unable to find a new mortgage. Although these are the ‘highest’ rates on the market, thanks to the incredibly low interest rates they have become some of the best deals out there.

If you are one of those indebted people unable to move away from an SVR, you may save hundreds a pounds a month after today’s decision. This could be a lifesaver and could be the first step towards getting out of debt.

If this is the case, you should talk to your financial adviser immediately. Having more money to spend means you have opportunities to pay of credit cards, store cards and personal loans quicker.

For many this possible rate cut could be a nightmare as savings accounts are hit hard, but for those who are in financial difficulty, this is a blessing – and an opportunity that should not be missed.

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.