News

Debtors urged to seek advice

Debtors urged to seek advice

• Consolidate your debt with a remortgage
• Need a loan?

 

People concerned they are facing serious financial problems should seek free independent advice before agreeing anything with their creditors, a debt expert has said.

The recommendation came from Chris Tapp of the money education charity Credit Action, amid media predictions that the number of personal insolvencies will rise during 2008.

Mr Tapp said that there are plenty of options open to people who are struggling with their credit commitments, including taking out a debt consolidation loan, signing up to a debt management plan and organising an individual voluntary arrangement.

However, many people are not fully aware of how the various options work and are not in a position to judge which is the most suitable for them, he explained.

"What we would advise is that if people are worried about their debts the first thing they should do is seek free independent advice from somewhere," Mr Tapp said.

He added that a debt consolidation loan is the best option for some struggling borrowers, but that they should examine all the options first.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The news articles on our website are produced by Adfero Ltd and do not in any way represent the thoughts and opinions of anyone associated with mdnationwide limited. They are purely here for the reader to obtain the latest news and breaking news from the world of finance.